Tenants can now have their rental payments recorded on their credit reports with Equifax after proptech firm CreditLadder had its rent reporting service integrated with the credit reference agency.
It means CreditLadder’s tool, which allows rental payments to be recorded on a credit report so mortgage lenders can consider them in affordability assessments, will now be accessible via the three main credit report providers – Equifax, Experian and CallCredit.
Janice Rudd, data director at Equifax, said: “The inclusion of rental data in credit assessments is a huge lift to improve financial inclusion and fairer access to the right financial products.
“This data insight provides lenders with a much more reflective picture of the amount renters can afford to borrow. Renters who make full and timely monthly payments should see a significant benefit in proving their ability to repay a commitment, just like mortgage payers.
“We’re pleased to work with CreditLadder to unlock better financial outcomes for consumers and lenders alike.”
Sheraz Dar, chief executive at CreditLadder.co.uk, said: “CreditLadder’s mission is to deliver financial fairness to the UK’s millions of tenants, helping them access the credit they need, for example when they want to buy their own home.
“As one of the world’s leading credit reference agencies, working with Equifax to add tenants’ payment track records to their reports is a major enhancement for our users, and for our platform.”
Tried to set up within our letting agency .. was so complicated to integrate we gave up ..
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What a great idea at last! Will stop those serial non payers moving from property to property without their previous payment history being known.
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We can have you up and running in a day, with no tech integration required. Please contact us here and we’ll help get you set up, https://www.creditladder.co.uk/landlords-and-agents
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Thanks .. sorry that link just brings up a page to say ‘something went wrong’
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I’ve removed the full stop and made it a hyperlink. Try once more and all will be ok 🙂
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