Equifax outlines the facts about Electoral Roll Data
Equifax, the online credit information provider, is helping consumers understand all the different information on their credit report. At the start of the year, many people will be making plans for 2015, which may need finance, such as loans or a mortgage. Equifax is reminding consumers to check their credit report, before making applications and outlines the importance of keeping their electoral roll data up to date to improve their chances of getting the best deals.
What is Electoral Roll data?
Electoral roll information shows on your credit report if you are or have been registered to vote at your current or previous addresses. In England, Wales and Northern Ireland the electoral register is published by each local authority on 1st December each year and is added to credit reports early in January. In Scotland the update occurs in March.
How is it used?
Electoral roll data is used by lenders to help verify a customers identity. If an individual is registered to vote, it will appear on their credit report as a ‘good’ risk signal. If you move home, make sure you contact your local authority to check that you’re registered at the new address.
It can take up to six weeks for changes to the electoral role to appear on the credit report, so planning you credit requirements is a worthwhile activity.
“We suggest that anyone applying for credit or a new service or utility contract, such as a mobile phone contract, to ensure they are registered on the electoral register” said Laura Barrett, Equifax Consumer Affairs.
“The electoral roll is used by many companies for identity verification purposes, in order to combat fraud. Consumers should register on the electoral roll at their current address by contacting their local authority. It’s an important first step towards giving them the best chance of getting the credit they need.”
The Equifax Credit Report is accessible for 30 days free simply by logging onto www.equifax.co.uk. If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.