How Moving House Can Affect Your Credit Rating

How moving house can affect your... Credit Rating SOLD The 3 Year Rule* Three times in a year The more you move within a short time period, the more it will impact your credit rating. It's something to be aware of, although it is just one thing potential lenders will look at when assessing credit applications and decisions will not be based on this information only! Twice in a year Once in a year Not very Very Likelihood that moving will affect your credit rating *This does not apply to first time buyers How to limit the effect moving house has on your credit rating... Electoral Roll + Land Registry Royal Mail If you've moved house recently, or frequently in the past, a lender may not be able to verify some of the details you've given them. The Home Office Identity Fraud Steering committee recommends that to reduce the risk of identity fraud when you move house, you use Royal Mail's redirection service for at least a year. - Combat this by making sure you appear on the electoral roll at every address you've lived at. Find out more at: http://www.aboutmyvote.co.uk/ Call 08457 740 740 or visit - If you can get an application form to join the electoral roll from your new council prior to moving, you can apply as soon as you move www.royalmail.com to apply for a redirect. Allow 5 days for the redirect to be set up. A year's redirect will cost - £40.85** VOTE - Making sure the Land Registry has a correct addresses for you means you'll always find out if you're a target of fraud. Here's who you'll need to notify of your move: Financial Other Important Day-to-Day 21 Contacts Contacts Contacts Your Local Council Your Doctor/Dentist All Insurance Providers (Car/Home/Life/Pet) Your Bank/ Building Society Your Employers Friends and Family Any Magazine Subscriptions Any Charities You Support TV Licensing Your Pension Provider The DVLA Any Store/ Credit Card Providers The Inland Revenue Utility Providers (Gas/ Water/Electricity/Phone/Internet) If you are a first time buyer looking to take on a mortgage, it is often taken into account that you are likely to have moved quite often previously, so this should not affect your credit too much. ** Prices correct as of December 2011