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ChatterBank0 min ago
Electoral Role Vs Credit Rating Question
5 Answers
An advert today informed me that "If you are not on the Electoral Roll, it may negatively effect your crdeit score".
My question (and hopefully it isnt too dumb of a question) is, how??
Regards
JD.
My question (and hopefully it isnt too dumb of a question) is, how??
Regards
JD.
Answers
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Being on the electoral roll also helps overall credit rating. many things are taken into account when determining credit rating, sometimes apparently irrationally but there are sound underwriting reasons behind the big picture. Essentially the sorts of people that vote are generally more credit worthy. Yes I know you can dig up examples that contradict that but overall it is true.
The UK is more or less unique in not having a national register (of people) and this makes it impossible for people to have a recognised residence on record and, conversely, anyone (including the authorities) to know where to formally contact people (officially).
Credit rating agencies are therefore at a disadvantage when asked to rate a named individual and they have come up with the electoral roll as a (very poor) alternative.
In another way the credit agencies are in a uniquely advantageous position in that, (I understand) unlike any other private entity or individual, they get access to court records. The fact that the court system sells the records to the agencies is good reason for criticism of the system. In some other countries anyone can access the full records (excepting very sensitive cases, such as adoption, etc.) on the internet.
Credit rating agencies are therefore at a disadvantage when asked to rate a named individual and they have come up with the electoral roll as a (very poor) alternative.
In another way the credit agencies are in a uniquely advantageous position in that, (I understand) unlike any other private entity or individual, they get access to court records. The fact that the court system sells the records to the agencies is good reason for criticism of the system. In some other countries anyone can access the full records (excepting very sensitive cases, such as adoption, etc.) on the internet.
My son was turned down for a mortgage because he had simply forgotten to register on the electoral roll after coming down from University. The credit assessment companies think you will be unreliable if you have no fixed abode, and if you are not on the electoral roll they think you have no fixed abode. Or you are not a settled citizen and might do a moonlight flit at any time.
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