Rental payments recognised in credit reports for first time
Hundreds of thousands of people who pay their rent on time will benefit from better credit scores after Experian started including rental payments in its credit reports.
Tenants will be able to see their rental payments on Experian’s CreditExpert and statutory credit reports as part of the Rental Exchange initiative - a partnership between Experian and the Big Issue’s social invest arm.
More than 150 social housing providers, local authorities and letting agents are already reporting data into the Rental Exchange.
Experian says almost eight in ten tenants have already seen a noticeable improvement in their credit score when lenders take rental data into account. The analysis also shows by adding rental data to credit reports, the proportion of tenants who can prove their identity online increases significantly.
Aaron Strutt, product director at Trinity Financial, says: "If you have been renting for a while and you're looking to get on the property ladder, you do not need to have a perfect credit score to get a mortgage.
"Providing you have not missed any payments on credit cards or loans the lenders can do a manual credit search, rather than a credit score to get a mortgage through if you do not pass the initial decision in principle."
Call Trinity Financial on 020 7016 0790 to secure a mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
