Your credit rating
Credit where it's due!
We are helping our tenants to get a better credit rating by sharing rent payment information.
Your credit rating is used to help lenders decide whether to lend you money, how much to let you borrow, and in some cases how much interest to charge you. Having a strong and positive credit history helps demonstrate to lenders and other providers of goods and services that you can be trusted to repay what you borrow.
Some stores offer credit without making any checks, but these often come with a very high interest rate. Payday loans also have high interest rates, and these can increase if you miss a payment.
To help our tenants access safe and responsible credit, we have entered into an agreement with the UK’s largest credit rating company Experian to support Rental Exchange. This means we will share details of your rent payments with Experian on a monthly basis.
This new scheme to share information about your rent payments will mean that those tenants that pay their rent regularly and on time can build up a good credit history. This will make it easier to open or change bank accounts, shop online, receive better mobile phone rates, receive better gas and electricity rates, and obtain cheaper credit.
Sharing your rental payment history will also help create an online proof of identity, proving you are who you say you are and that you live where you say you live.
The really good thing is that by paying your rent regularly and on time every week or month your credit rating will grow.
For more information, please visit the Experian website.