Whether it is applying for a mortgage, buying a car or applying for a credit card, having a positive credit score is vital. However, it appears that many Brits do not understand what can help or hinder their credit score.

New research* conducted by credit information provider, Equifax, highlights a surprising lack of knowledge when it comes to credit report information and how it can influence someone’s credit score.

• 33% of UK consumers believe that being on the electoral roll has either no impact or they don’t know what impact it will have on their credit score
• 52% believe using a significant proportion or all of their available credit will have no impact on their credit score, or they don’t know what impact it will have
• 22% believe that having a County Court Judgment (CCJ) will have no impact, or they don’t know what impact it will have on their credit score

“There are certain elements on a credit file that will always have a positive impact on a credit score, such as being registered on the electoral roll”, explained Lisa Hardstaff, Equifax Credit Information Expert. “However, surprisingly, a third of UK consumers believe electoral roll registration either has no impact or they don’t know the impact it has on their score.

“Nearly a third (32%) of respondents to our survey also didn’t believe that having a record of prompt payments on short-term debt would have a positive impact on their credit score – they thought it would have no impact or a negative impact or simply didn’t know what difference this information would make. And what would seem like obvious factors that could have a negative impact on a credit score, such as using a significant proportion or all of their available credit and even having a CCJ, were also things that at least 1 in 10 consumers thought wouldn’t affect their credit score.