Credit Score Basics > Does not voting affect your credit score?

Does not voting affect your credit score?

Wollit Team2 minute read · Updated 18th September 2024

While not voting does not affect your credit score in the UK, being registered on the electoral roll is very important for having a good credit score. Registration helps lenders verify who you are and where you live, which can lead to better loan options and interest rates.

So whether or not you choose to vote, make sure you're on the electoral register. Here’s how it works.

How does my credit score work?

Your credit score is a number that shows how trustworthy you are when it comes to borrowing money.

It is based on several factors, like whether you pay your bills on time, how much of your available credit you are using, how long you have had credit accounts, and how many different kinds of credit accounts you have, like loans or credit cards.

The higher your credit score, the easier it is to get loans or credit cards with good interest rates. If your score is low, you might face higher interest rates or even be denied credit altogether.

In the UK, three main companies (called credit reference agencies) calculate and keep track of these scores.

Also, because these companies, as well as any lenders you might apply to, have to verify your identity, they also give a nice bonus if you’re on the electoral register.

How does me being on the electoral register affect my credit score?

The electoral register (or electoral roll) is a list of people who are registered to vote in elections. In the UK, this list serves several purposes:

It ensures that only eligible people can vote.
It helps with jury selection.
And, very importantly, it helps lenders confirm who you are when you apply for credit.

Because of this, credit reference agencies (Experian, Equifax, and TransUnion), give you a bonus for being on the electoral register. Basically registering to vote can help improve your credit score. According to Experian, being registered can add up to 50 points to your score. This happens because lenders use the register to verify your identity and address, which helps reduce fraud.

Does voting itself impact your credit score?

No, voting does not directly affect your credit score. What matters is whether you are registered to vote. Even if you don’t vote, being on the electoral roll can still help improve your credit score.

Can my score go down if I register to vote?

Usually, registering to vote helps your score go up. However, there may be rare cases where it could drop slightly if you change your name or address during registration. But any drop is usually small and temporary.

How long does it take for my score to change after registering?

After you register to vote, it may take a few weeks or even months for it to show up on your credit report. Local councils update credit reference agencies about new registrations every month, so be patient after registering.

What if I'm not eligible to vote?

If you cannot register because you're not eligible (like being a non-citizen), you can add a note called a "Notice of Correction" to your credit report. This note explains why you're not on the electoral roll and assures lenders that you have other ways to verify your identity.

What else can I do to improve my credit score?

Registering to vote is great, and often the one thing keeping people from being in the “excellent” credit score band.

However, what matters most for lenders is your credit history. Luckily, now there are many apps that can help you build and improve credit.

One such app is Wollit. Wollit is an app that reports your monthly subscription as loan repayment, helping you build a history of timely repayments without the risk of getting hit with high-interest charges or going over your card limit. It can even report your monthly rent payment to Experian, adding another line in your credit report that shows lenders you're responsible and pay your bills on time.