Finance

New rent collection service safeguards payments

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11th July 2018
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" A large number of buy-to-let landlords rely on their rental income to cover significant payments, such as mortgages, so late or missed rental payments can pose a real threat."

TheHouseShop has launched a rent collection service, in partnership with Experian, which registers a tenant's rental payments on their credit history.

RentScore collects rent and passes the data through Experian’s Rental Exchange which will be reflected on the tenant’s credit history, incentivising them to pay on time.

Additionally, RentScore Plus will safeguard rental payments, meaning landlords wouldn’t be out of pocket if their tenants find themselves unable to pay their rent.

RentScore Plus safeguards rental payments, whilst also covering legal expenses and evictions, with the added benefit of expert legal advice and rent protection insurance.

Research shows that a third of buy-to-let landlords claim to have around £2,000 worth of arrears.

Nick Marr, co-founder of TheHouseShop, commented: “There are plenty of landlords out there who cannot financially plan for arrears and have no safety net in place to accommodate for unexpected costs. A large number of buy-to-let landlords rely on their rental income to cover significant payments, such as mortgages, so late or missed rental payments can pose a real threat.

“On top of all of this, we are seeing Section 21 tax changes, increased Stamp Duty on second homes and the impending Tenant Fees Ban which is putting increasing pressure on landlords, so their rental income is more important than ever. Offering a service that gives landlords financial security is important to us, as we are continually building upon our suite of services which all aim to make landlords lives a whole lot easier and more affordable.

“We love keeping in contact with our landlords and a consistent message from them was the need for financial stability. We heard their concerns and we created a service that fulfils their needs. At such an affordable price, RentScore Plus is flying off the shelves, so to speak.”

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