Who You Vote For Affects Your Credit Rating

Ever wondered why you didn't get that loan? Read the results of our frightening research.

You may have noticed that, for the past few years, this website has compared personal loans. Thousands of people have used the comparison tool. As a writer, my involvement with it has largely been limited to looking through data to see patterns in the loans market. We survey users to find out how their applications went, so that we can identify patterns and provide better guidance in our articles. We've found that, of course, sometimes people don't get the loan they apply for, or that the lender offers them a worse rate than the typical APR that was shown. (We have no control or influence over whether you're accepted for a loan, by the way. If you want to increase your chances of getting the loan you apply for, read Up Your Chances Of Getting A Loan.) The big shock! However, analysing the data we've collated, it's clear that who you vote for in elections affects whether you'll get a loan with a bank. If the bank supports one political party through donations or other means, and you vote for that party, you're more likely to get a loan. If you aren't a known supporter, you're less likely to get the loan. If you're a known supporter of a different party, you're even less likely. Also, you're more likely to get the cheapest rates (the 'typical' APRs) if you support the same party as the bank! What does this mean? This has serious implications about data protection, amongst other things. In two years of writing for this website, this is probably the most astounding thing that I've written, and I've written about dreadful pension scandals (A Pension Scandal Worse Than Maxwell) and was the first personal finance writer to campaign about the billions of pounds that banks have unlawfully, and knowingly, taken off customers in penal charges. How do banks get the information? Our first step should be to establish how banks know which parties we support. Other than by stealing ballot papers, the only way they could get this data is either through our local councils, or by getting their hands on party lists of members and donors. I suggest then that if you're registered with your party, check its privacy policy. You may also want to check with your Trade Union to see if they pass on information. Finally, give your bank a call and ask them if they know who you support, and if that affects the deals they offer you. Why do they do it? It's hard enough to get credit as it is these days, so one more criterion is the last thing we need. Establishing the banks' motives for approving customers on this new basis is rather difficult. I've always believed that banks merely want to make a profit at all costs, and I still believe this. So, without trying to sound like a conspiracy theorist, it seems likely that there must be something more going on in the background that we can't see. Anja Ritter of the highly-secretive Bankers' Guild unsurprisingly denied our findings, despite their statistical significance. In a quick chat, she told me: 'There is no reason for banks to do this. We don't care who we lend to, so long as our customers repay their bills. We're happy to continue charging all our customers and potential customers whatever we want.' I'm not entirely sure what she meant by that last bit! But I do find it difficult to establish why the banks are doing this. Should we do something about it? Absolutely we should do something about it. Please ask your friends to support our campaign by emailing them whilst cc'ing creditcampaign@fool.co.uk. (To email this article to them, click here.) Ask your friends to agree to the following: 'I want the Government and the banks to reveal how the banks get data on how we vote, and I want them to stop using it as a criterion for approving credit applications.' And, if you've applied for a loan recently, please email creditcampaign@fool.co.uk with any of your stories. The more comments, information and ammunition we can compile, the better. Which banks support which parties? In part two of this article, to be published tomorrow, I will reveal which banks support which parties and to what extent they have donated or loaned money to them, as far as I can uncover. I'll reveal any connections between the boards of these companies and senior politicians. I'll also show you, based on the statistics we've collated, how likely you are to get a loan with each of the major banks, depending on who you vote for. This was an April Fools joke. Here's the full confessional article: April Fools Confession: Voting And Your Credit Rating, which includes many amusing comments we received by email! More: > Compare unsecured personal loans through The Fool. > Read 'Typical' Rates Are Hardly Typical! > What else affects your chances of getting credit?