The cost of being registered at multiple addresses

Millions missing out on significant cash by being registered at multiple addresses

Updated: 
The cost of being registered at multiple addresses

Failing to update your address details when you move home could cost you, according to Direct Line. Its research found that 11 million UK adults are registered at multiple addresses, costing them around £523 million in fines, missed rebates and lost gifts.

Around 16% are registered at multiple addresses for their doctor, dentist and other medical services so they may be missing out on important health information and appointments. On top of that, six million people are listed at multiple addresses for the DVLA and 6.25 million for their bank, both of which could lead to fraud if letters are sent to the wrong address.

In fact, almost one million people in the UK fall victim to fraud or crime by not keeping their details up to date.

It could hurt your credit score

Another problem with being registered with an old address is that it could damage your chances of getting credit. If you appear to be 'active' at two different addresses, a lender may question whether one address is being used by ID fraudsters. As a result they may be nervous about lending to you.

Why people don't change address

The main reason people give for not updating their details is simply forgetting to do so (33%). Around 29% said that they still use the address occasionally or that they hope to use it in future, while 15% said that they didn't have time or couldn't be bothered.

Around 9% said that they didn't change addresses because it would cost them money.

The most common alternative registered address is a parent's house (36%) followed by a previous residence (23%) and a parent's previous residence (9%).

Read more on AOL Money

How can you avoid becoming a victim of fraud?

Swamped by fake solicitor scam emails

How to Protect Yourself from Fraud