how significant is the voters role?

CR_23

Hi there,

I applied for a 15k loan today with my bank who I've been with for 4-5 years now.
I have a current account with them, savings account, credit card and a sharesave scheme with my employer all through Bank of Scotland.

The 15k loan was to fund additional qualifications to a current pilot licence and the term I was looking to re-pay was over 60 monthly payments which were quoted at £329 per month.

Current monthly income is just under 3k per month after deductions and I still live at home with my parents. I've never been refused credit before and I was shocked that I was declined in my application, so I bought my equifax credit report online tonight and it showed a rating of 410 points which is in the "good" category. The red DANGER symbol was on for the fact I am not on the electoral role.

Can someone explain the significance of this?
How do I go about getting on this role?
How long would I need to be on this before I would be granted a loan?

Any advice and similar stories would be very well appreciated!

tictax

Electoral roll is one of the main parts in the credit scoring that banks do. It confirms that you have lived at your address for the time that you state that you have.

Apply to go one the electoral roll through your local council. They send it out every year around this time (I received the forms last week here in Wales). fill this in and send it back. If you have missed the form contact your local council - look up their website for further info.

I think though that you have wasted your money buying your credit score from Equifax as they are only basing the "score" on information they have on you. Bank of Scotland will have other information on you eg how you conduct your account.