Credit fail could affect 10m

Over 10 million people could fail a credit score because they don’t have enough credit history or are not on the electoral register, according to research carried out on behalf of Kensington.

The survey of more than 2,000 adults in the UK found that 13% of people have not taken out any financial product since before the year 2000. With credit agencies unable to access data on accounts opened before this date, it means that these six million people may not have enough activity showing on their credit record to pass an automated credit score.

In addition, 9%, or more than four million, people do not know for sure whether they are on their local electoral register, which again could seriously hamper their chances of passing a credit score.

This means that over a fifth of the adult population could be prevented from getting a mortgage by lenders that operate rigid automated credit scoring system.

Here are two initial suggestions for comparison sites dealing with credit products for readers to peruse (entirely at their own risk!):


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