Rent payment count towards credit score @ CreditLadder

8
Posted 26th May
Rent payments never used to count towards anything. But that’s no longer true and just like mortgage payments, a tenant’s rent can now count towards building their credit history

creditladder.co.uk/ten…nts

What are the benefits of reporting your rent?


Reporting your on-time rent payments to credit agencies can have many benefits including the opportunity to improve your credit history and the possibility to access more affordable credit, for example better rates on loans and credit cards and better priced utility tariffs.

Rent is reported into the Rental Exchange Scheme

How does CreditLadder work

CreditLadder identifies monthly rent payments using Open Banking technology. The payments are reported to the Experian Rental Exchange and they will be added to your tenant’s credit history.

We will ask you some simple questions about you and your tenancy. This should take no longer than 3-4 minutes. Don’t worry if you don’t have all the information to hand, you can always save and resume at any time.

Connect your bank

Sign up by logging into the bank account from where you pay your rent. Grant read-only access and we can verify your rent payment each month. We report the rent to Experian monthly helping to improve your credit history. This can help you access better finance deals, saving you money.

Which banks do we support? Barclays, First Direct, Halifax, HSBC, Lloyds Bank, Monzo, Nationwide, Natwest, RBS, Santander, Starling, Revolut and TSB. If your current bank is not supported please email help@creditladder.co.uk with the name of your bank and we will contact you once it is.
Community Updates
8 Comments
I’ll tell you what else they do- if you stop using their services as you’re starting to pay your landlord direct, they contact the landlord and say you’ve given your notice! This happened. Be careful- they took full advantage of fact they were the intermediary between the landlord and tenant. Horrid
juggler126/05/2020 15:55

I’ll tell you what else they do- if you stop using their services as y …I’ll tell you what else they do- if you stop using their services as you’re starting to pay your landlord direct, they contact the landlord and say you’ve given your notice! This happened. Be careful- they took full advantage of fact they were the intermediary between the landlord and tenant. Horrid


Not sure you correctly understand this specific service. The tenant does not pay CreditLadder. The customer simply permits CL to view the bank account payments that the tenant has directly made to the landlord/agent.
Maybe random help pages below will indicate the concept:
help.creditladder.co.uk/en/…ils
help.creditladder.co.uk/en/…ime
juggler126/05/2020 15:55

I’ll tell you what else they do- if you stop using their services as y …I’ll tell you what else they do- if you stop using their services as you’re starting to pay your landlord direct, they contact the landlord and say you’ve given your notice! This happened. Be careful- they took full advantage of fact they were the intermediary between the landlord and tenant. Horrid


I still pay my landlord directly. Nothing get paid to CreditLadder
AndyRoyd26/05/2020 16:14

Not sure you correctly understand this specific service. The tenant does …Not sure you correctly understand this specific service. The tenant does not pay CreditLadder. The customer simply permits CL to view the bank account payments that the tenant has directly made to the landlord/agent.Maybe random help pages below will indicate the concept:https://help.creditladder.co.uk/en/articles/2371329-how-do-i-change-my-landlord-s-details-including-payment-detailshttps://help.creditladder.co.uk/en/articles/2371313-how-does-creditladder-know-my-rent-has-been-paid-on-time


Fair enough- this was 2017 this happened, and credit ladder had insisted the rent be paid to them, and they paid the rent to the landlord. Maybe they’ve changed things, but to serve notice on the landlord, on behalf of the unsuspecting tenant, just because that tenant stopped using their services- I thought it was terrible and wouldn’t trust them as far as I could throw them
juggler126/05/2020 16:33

Fair enough- this was 2017 this happened, and credit ladder had insisted …Fair enough- this was 2017 this happened, and credit ladder had insisted the rent be paid to them, and they paid the rent to the landlord. Maybe they’ve changed things, but to serve notice on the landlord, on behalf of the unsuspecting tenant, just because that tenant stopped using their services- I thought it was terrible and wouldn’t trust them as far as I could throw them


Do you have link to article about this as I cannot find anything out there...
Also reviews are quite good 4.7/5
uk.trustpilot.com/rev…=en
Just found this from 2016... I've only been using them for the last 12 months or so and only ever pay landlord directly.

They must have changed their model after open banking came into effect

moneysavingexpert.com/new…ng/
p100126/05/2020 16:39

Do you have link to article about this as I cannot find anything out …Do you have link to article about this as I cannot find anything out there...Also reviews are quite good 4.7/5https://uk.trustpilot.com/review/www.creditladder.co.uk?languages=en


No article, but it happened. I can’t put personal details on here, but credit ladder sent a letter direct to landlord purely as the tenant had stopped using their services.
p100126/05/2020 16:43

Just found this from 2016... I've only been using them for the last 12 …Just found this from 2016... I've only been using them for the last 12 months or so and only ever pay landlord directly.They must have changed their model after open banking came into effecthttps://www.moneysavingexpert.com/news/2016/04/do-you-rent-heres-a-new-trick-to-boost-your-credit-rating/


Yeah, well this happened in 2017. I just think a firm who would pull that kind of stunt aren’t to be trusted
Post a comment
Avatar
@
    Text