Tue 30 Aug 2016 View all news articles
Hundreds of people renting in Merseyside could receive a welcome boost to their credit report, thanks to an Experian initiative implemented by leading lettings agency Karl Tatler.
Launched by global information services company Experian, in partnership with the Big Issue Invest, The Rental Exchange helps private tenants strengthen their credit histories simply by Experian recording their rental payments – thereby receiving recognition in a similar way to mortgage payers.
One of the first agents in the UK to pioneer the scheme is multi-award winning Karl Tatler Lettings, with properties across Wirral and Liverpool.
Karl Tatler head of lettings Dave Seed said: “We are delighted to have teamed up with Experian to be one of the first agents in the UK – and the only in the North West so far – to introduce The Rental Exchange for our clients. The initiative is a way to strengthen your credit report, without needing to take on new credit or debt, just by paying your rent on time each month. People should not be at a financial disadvantage for renting and deserve equal access to services many of us frequently use.”
By strengthening personal credit histories via The Rental Exchange, people paying rent can access fairer opportunities for more affordable lending, online deals and services.
Rental Exchange partner at Experian, Mark Goodfellow, said: “What many people don’t realise is that you need a good credit rating to access mainstream financial services, from bank accounts, credit cards, personal loans and mortgages, to mobile phone and utilities contracts. In the past, building a good credit rating has been easier for homeowners than for tenants, because mortgage payments are factored in, but with The Rental Exchange we want to help level the credit rating playing field.
“By working with Karl Tatler Lettings, we will be able to help people living in the Merseyside region be the first to benefit from the initiative.”
As well as helping to strengthen credit histories, The Rental Exchange also supports the more successful electronic verification of a tenant’s identity when they search and apply for financial services online.
Dave Seed added: “Landlords will also benefit from our partnership with Experian. The Rental Exchange will provide added confidence and reassurance in the quality of tenant such a scheme will attract. These tenants will have a greater incentive and motivation to pay their rent on time as it will directly impact their credit score, potentially leading to even lower rent arrears.”
The private rented sector has undergone rapid growth in the last 10 years, and is the UK’s second largest housing sector. Recently published figures calculated 4.3m million households were rented privately, equating to 19% of homes*.
Currently the holder of the “Overall Winner of the Lettings Agency of the Year Awards” title, Karl Tatler Lettings is a registered member of ARLA (Association of Residential Lettings Agents), the UK's most prominent professional body for letting agents.
*English Housing Survey Private Rented Sector Report, 2014-15, published 21st July 2016.
Photo shows (L-R): Daryl Tomlinson, Karl Tatler Lettings Branch Manager, with The Rental Exchange Partner at Experian, Mark Goodfellow.
Experian: Ade O’Connor, PR Manager, 0115 992 2645/07583 085 796, ade.o’firstname.lastname@example.org
Karl Tatler Estate Agents & Lettings: Samantha Durnion, Marketing & PR Manager, 0151 342 0461, email@example.com
NOTES TO EDITORS
Experian & The Rental Exchange
Big Issue Invest (the social investment arm of The Big Issue Group), in partnership with Experian, developed The Rental Exchange to tackle the financial, digital and social exclusion challenges faced by rental tenants in the UK compared to homeowners.
By observing rental payment data in the same way we view mortgage payment data, we can unlock a range of benefits for tenants, housing providers and credit providers.
The Rental Exchange incorporates a tenant's payment history in their credit file in a secure and compliant way. Adhering to strict legal protocol, all rental payment information securely and confidentially shared with Experian is treated in accordance with the Data Protection Act (this means it can only be used for the purposes stated within The Experian Rental Exchange and will not be used for marketing purposes).
How the scheme works:
Rental payment information will begin building tenant’s credit history from the point of registration, before the data appears on Experian credit reports later in 2016.
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