Experian, the giant credit ratings agency, is using a private company to collect data and rents that is owned by an online estate agent.
However, the online agent, Makeurmove, yesterday assured us that protections are in place to prevent any possibility of data breaches.
The Rental Exchange scheme, launched by Experian in March, aims to let tenants in the private rented sector strengthen their credit histories by paying rent on time.
They do so by paying their rent to a company called Credit Ladder.
The rent is then passed on to landlords and letting agents, and then fed directly into Experian’s Rental Exchange. The data has now started appearing on Experian’s credit reports.
The Rental Exchange scheme has been promoted to both landlords and agents and received press coverage
Credit Ladder and the online agent Makeurmove share the same director, Mark Jones, according to Companies House, and the same address in Manchester.
Jones is also director of PP Online Estate Agents, according to Companies House.
EYE asked both Experian and Credit Ladder about any possibility of the online agent having access to data, and what precautions were in place.
Experian told us that the statement would be coming from Credit Ladder.
Asa Bentley, CEO of Credit Ladder, said: “Credit Ladder was conceived by the Makeurmove team and trialled with Makeurmove tenants and landlords.
“Following positive feedback, we felt Credit Ladder would have a much wider appeal to all tenants and landlords and so Credit Ladder Limited was formed and the separation of Credit Ladder commenced.
“The separation is expected to be completed by the end of 2016.
“However, it is important to note that Credit Ladder has not shared data with Makeurmove, or any third parties, for marketing purposes.
“Rental payment data is shared with Experian to help tenants strengthen their credit histories.
“Our aim at Credit Ladder is to get tenants the credit they deserve for on-time rental payments, whilst providing landlords with the comfort of reliable tenants.”
They do so by paying their rent to a company called Credit Ladder.
The rent is then passed on to landlords and letting agents
Is it now!!!! and of course they are licenced with all the councils that have tenants under licensing schemes? I can just see what happens in court with a Section 8 claim for an agent and landlord! and how are they covering their costs? Another finger in the pie with other peoples money and sole intention is to make money for themselves.
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Actually think Credit Ladder is a great idea. In a universe where credit score is increasingly king, its madness that many Tenants largest financial commitment doesnt relate to a credit score. The fact that 2 companies are owned by the same chap means nothing although comprehensive checks should be made just to be sure. Surprised, having made the move to create Credit Ladder as a separate brand, their move to establish this as a separate entity wasnt instant.
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I think we are missing the point. Credit Ladder will be getting their hands on a lot of data, a lot of valuable data such as landlords details. These contact details could be given/sold to Makurmove to market their business – simple idea really!
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Bingo. They have the landlord details and they are first to know when a tenant gives notice. Sure beats leafletting or AdWords.
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