If you’ve already been approved for credit at your current address, it's a great indication that all of your details are up-to-date on your credit file, helping to give you a Good credit rating.
With this in mind, it may still be worth requesting a copy of your credit report to make sure all of your details are correct. Simple tasks such as registering on the Electoral Roll will add to your traceability, a factor which lenders look favourably on, and which will help improve your credit rating.
Traceability ensures that a lender can determine how much risk you'll pose if they agree to lend you money. Lenders like to see that you’re reliable and a low risk customer. One way of showing this is by registering on the Electoral Roll, which would show that you’re planning on staying at the same address for a while. Another would be to see that you’ve already been accepted for credit at your address. If one lender has deemed you acceptable to lend to, chances are others will too.
Improving your traceability is just one way you can improve your credit rating. We’ve put together a list of steps you can take to start improving your credit file over at our Credit Clinic Treatment section. Inside the Credit Clinic, you’ll also find guides on what the different credit ratings mean, potential problems that can cause you to have a Bad credit rating, and a list of consumer advice websites and charities that can provide you with impartial advice on your financial situation. Head over to the Credit Clinic for more details.
If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.