youthmoney

Refused credit? The charity Credit Action estimates that 25,250 applications for consumer credit are turned down every day.

Many of those refused will be young people who have not been able to build up a good credit rating. Yet most will want to borrow money at some point – for a major purchase or to get a few weeks to pay using a credit card. Remember, too, that  mobile phone contracts are a form of credit.

There is one simple thing that young people can do to increase their chance of success. That’s to register to vote. Credit reference agencies use the electoral roll to check names and addresses.  Not being on it can cause practical difficulties – having to produce alternative ID such as driving licence or utility bill. Which, of course, not all young people have.

You have to be aged 18 to get credit or to vote. But you can get on the electoral register at age 16. Normally, registrations happen between August and November every year when the local electoral registration office delivers registration forms to all homes. But there’s no need to delay. You can register at other times by completing a registration form online, printing and signing it, and sending it to the local electoral registration office. See About my vote.