The Big Issue has teamed up with credit score agency
Experian to launch The Rental Exchange, a unique credit scoring system designed
specifically for renters.
Letting agents or housing providers send the renters payment
information to The Renal Exchange who in turn use the payment history of on
time rental payments to build a credit score
The service cost nothing for tenants, landlords or agents to
sign up to and is also tailored for people who pay their rent via housing
benefit, who would normally have great difficulty in building up a credit
history
The Rental exchange is designed primarily for agents and housing
associations to upload payment data, however many private renters do not use an
agent or rent through local authority or housing association, The Rental
Exchange has thought of that.
Running parallel to The Rental Exchange is Credit Ladder this
provides private renters with the same benefit of building up credit history.
The tenant pays Credit Ladder their rent directly, Credit
Ladder then pay the landlord the same day and the on time payment history is
used to build up a credit score.
In addition to this, the service also allows the renter to
build up an online ID which will help when applying for credit, opening a bank
account and even arrange a better utilities tariff, or qualify to pay for
gas/electricity via a non-prepay tariff
As a private tenant I have personally signed up to credit
ladder and as a portfolio manager for a homeless charity I am also signing up
all of our tenants to The Rental Exchange to help them build a credit history.
