Registering to vote makes you richer - no matter who wins in the end

Mirror Online Finance 1 week ago

The UK goes to the polls for a general election on December 12 - when the biggest parties will battle it out to see who forms the next Government.

Across the country, people will be called on to have their say on who takes power - or at least, everyone who has registered to vote will.

You can find out how to get on the electoral roll here, but along with helping to decide your next MP will be, there's a second powerful incentive to putting your name down.

It's all to do with your credit score.

If you are registered to vote, lenders are likely to see that as a positive sign when you apply for credit because they can more easily confirm your identity.

It is seen as a sign of stability by banks and can therefore mean you get better access to better rates on loans and mortgages - and can even help with things such as taking out a mobile contract.

Brexit has been postponed...again, and the prime minister has called for a general election

Typically, appearing on the electoral roll at your current address can add 50 points to your Experian credit score - for some, this could mean the difference between a good and an excellent rating.

"As well as enabling you to have your say at the ballot box, registering to vote unlocks a number of additional benefits that many people might not be aware of," James Jones, at Experian said.

For example, a range of firms from financial services to online retailers can use the information to help confirm your name and address, so not being registered can scupper a wide range of applications.

"Furthermore, electoral roll registration is often a factor in credit scores because it is seen as a sign of reliability and stability. As a result, being registered to vote can help improve your credit score, potentially giving you access to cheaper interest rates on loans, credit cards and mortgages."

People are individually responsible for adding their own name to the electoral register.

To register to vote, you must be at least 16 years old (although you’ll only be able to vote in a General Election once you’ve reached 18) and living in the UK.

You can register online, in person or by post. When registering, you’ll usually be asked for your National Insurance number as well as other personal details.

To check if you're already registered to vote, you’ll need to contact your local electoral registration office. You can find their details by going to aboutmyvote.co.uk and entering your postcode.

5 reasons to sign up for the electoral roll

  • Vote in elections

  • Quickly and easily prove your identity online

  • Increase your credit score

  • Get lower interest rates on credit cards, loans and mortgages

  • Improve access to certain services, such as legal and accounting support


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