CreditLadder has secured approval from official regulator the Financial Conduct Authority (FCA) to expand the number of services we can offer landlords and estate agents.

The FCA keeps an eye on some 58,000 companies in the UK, regulating both financial firms providing services to consumers and helping keep the UK's money system on an even keel.

We realise FCA approval isn’t going to prompt dancing in the streets, but it is an important step forward for both us and anyone using our service.

Rental payments

Now that CreditLadder has been authorised by the FCA, it gives us the powers to organise and collect rental payments from a tenant’s account on behalf of a landlord or letting agent, should they wish us to do so.

This doesn’t mean we’re a bank. But it does mean that after many months of hard slog working with the FCA, our internal systems and team have been assessed and found to be up to the standard required.

This is no mean feat for a relatively young company like CreditLadder and we’re only one of 15 firms to have attained what's called AIS and PIS approval from the FCA, and the first within the private rental sector. These acronyms stand for Account Information Services (or dashboards) and Payment Initiation Services.

Now, the thousands of people and businesses who use our service and for whom we have recognised rent payments totalling £30 million, and any future ones too, can be reassured that we offer a gold-standard service approved by a world-class regulator.

Our CEO Sheraz Dar says: “Winning FCA approval is a huge step forward for CreditLadder because it significantly widens the range of services we can offer landlords and agent and underlines to them - as well as our commercial partners and investors - the integrity of our platform.”

Greg Michel of Tech Nation, which is a government-backed support network that recently welcomed us into their fold, says: “We are delighted to see our members excel. CreditLadder receiving approval from the Financial Conduct Authority is a huge statement about the fundamental importance of their work. We look forward to seeing how this will open up new avenues for CreditLadder as its work and company develop.”

CreditLadder can help you improve your credit score

If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the information provided in this article is for information purposes only and should not be considered as advice.