Credit scores ‘could receive a boost as General Election approaches’

The nation’s credit scores could receive a boost as the General Election approaches, according to a financial firm.

Being on the electoral register may potentially have a positive impact on someone’s credit rating, with the data helping lenders to confirm names and addresses.

But a survey for money insights provider Intuit Credit Karma found that two-thirds (66%) of people were unaware that being registered to vote may help improve a credit score, rising to 84% of 18 to 24 year-olds.

One in 10 (10%) people surveyed said they were planning to newly register to vote ahead of the upcoming election.

Akansha Nath, general manager (international) at Intuit Credit Karma, said: “As interest rates remain high, it’s important to understand what makes up a credit score, and how to improve it, in order to access the best rates available on the financial products people need.”

As well as being registered to vote, other potential ways to improve a credit score include paying bills on time, keeping credit card balances low and trying not to apply for too many new credit accounts in a short period of time, she said.

OnePoll surveyed 2,000 people across the UK in May and June.