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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Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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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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