Instantly boost your credit score with one easy change says Experian

It’s something everyone will probably have to make use of at some point in their lives - but how often do you check how your credit score is doing?

A bad credit score can mean the difference between a cheap mortgage and an expensive one which could cost you thousands of pounds over the course of your lifetime, not to mention the cost of loans, credit cards and car finance, which could all be significantly more expensive or cheaper depending on your credit score.

That’s because lenders use credit score information - from the credit reference agencies Equifax, Experian and TransUnion - to work out whether you’re a good customer to lend to or not, based on how likely you are to repay what you owe on time, and whether you’re likely to make companies money - or cost them money chasing unpaid debts.

There are many ways to improve a bad or middling credit score, but one instant boost is getting on the electoral roll, say experts.

Lloyds Bank explains: “Being on the electoral roll is one way that your identity and home address can be confirmed, which may help to improve your credit score.”

This is backed up by Experian which says: “Your Experian Credit Score reflects your chances of getting approved by lenders, for things like a loan, mortgage or even a mobile phone contract. It’s based on information in your credit report.

“When you register to vote, your electoral details are recorded on your report. This data helps lenders confirm your name and address, so your score will increase as a result.

“If lenders can’t confirm your details via the electoral roll, they may ask for other forms of identity and proof of address. This can delay your application, so registering to vote can save you time in the long run.

“Lenders aren’t the only organisations who use your electoral details to identify you. Registering to vote can also give you easier access to insurance, legal and accounting services, as well as some public services (such as getting a passport).

“When it comes to your credit rating, getting on the electoral roll is usually an easy way to score points.”

But Experian urges households to make sure they register correctly. They told people to make sure they register at a permanent address where possible (ie not at an army barracks or student halls).