New initiative helps tenants strengthen credit score

New initiative helps tenants strengthen credit score
Landlords will also benefit from our partnership with Experian. The Rental Exchange will provide added confidence and reassurance in the quality of tenant such a scheme will attract.

A new initiative, launched by Experian, aims to help private tenants strengthen their credit histories by recording their rental payments – thereby receiving recognition in a similar way to mortgage payers.

Experian says that many people renting lose out on the opportunity to build their credit scores, and so will be at a disadvantage when trying to secure everyday online deals such as car insurance and mobile phone contracts.

As well as helping to strengthen credit histories, The Rental Exchange also supports the more successful electronic verification of a tenant’s identity when they search and apply for financial services online.


One of the first agents in the UK to pioneer the scheme is Karl Tatler Lettings, with properties across Wirral and Liverpool.

Karl Tatler's head of lettings, Dave Seed, said: "The initiative is a way to strengthen your credit report, without needing to take on new credit or debt, just by paying your rent on time each month. People should not be at a financial disadvantage for renting and deserve equal access to services many of us frequently use.

“Landlords will also benefit from our partnership with Experian. The Rental Exchange will provide added confidence and reassurance in the quality of tenant such a scheme will attract. These tenants will have a greater incentive and motivation to pay their rent on time as it will directly impact their credit score, potentially leading to even lower rent arrears.”  

Rental Exchange partner at Experian, Mark Goodfellow, added: “What many people don’t realise is that you need a good credit rating to access mainstream financial services, from bank accounts, credit cards, personal loans and mortgages, to mobile phone and utilities contracts. In the past, building a good credit rating has been easier for homeowners than for tenants, because mortgage payments are factored in, but with The Rental Exchange we want to help level the credit rating playing field."

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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