In the past anyone who rented their home and wanted to improve their credit score faced an uphill struggle.
But now, there is CreditLadder. We are a free service that reports tenants’ rental payments to reference agency Experian and helps them improve their access to affordable finance by adding their monthly rent payments to their credit histories.
But does it actually work? Well, we’re happy to say that the results are in and it’s good news.
Figures released by Experian last week reveal that two thirds of all the UK’s tenants would see a “marked improvement” in their credit score by having their positive rental payment track record added to their credit history.
This is the first time that Experian has looked at how tenants’ finances are being impacted by reporting their rental payments through services such as CreditLadder.
Value of rent reporting
Experian’s analysis also reveals that 71% of tenants support the idea of having their data recorded and that over three quarters of renters recognised the value of rent reporting within their credit history to prove to landlords that they are a good and reliable tenants.
“We are the longest-established and largest player in the rent recognition market and we hold the most comprehensive range of rental payment data provided by the many thousands of individual private renters who use our service,” says Sheraz Dar, CEO of CreditLadder.
“A quiet revolution is taking place within the world of personal finance and the customers of 15 banks are now able to report their rent to the UK’s leading credit reference agency through CreditLadder.”
Remember, CreditLadder can help you improve your credit score.
CreditLadder can improve your credit position by reporting your rent payments. CreditLadder is the first way to improve your credit score and position across all three of the main Credit Reference Agencies in the UK, namely Experian, Equifax and TransUnion. 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 content provided in this article is for information purposes only and should not be considered as advice.