Karl Tatler Lettings are delighted to introduce The Rental Exchange Scheme. This is a great opportunity for you to help build your credit rating, simply by paying your rent on time. Karl Tatler Lettings are the only lettings agent in the UK partnering Experian in this scheme.
If you want to buy something on credit, then it helps considerably if you have a good credit history (a track record of paying off credit agreements). Companies use credit history to assess your creditworthiness before making a lending decision. Having a good credit history also helps to provide proof of your identity, and where you live and have lived before. This can help you access a range of goods and services online, including getting the best deals on mobile phones, TV and broadband packages and car insurance.
Homeowners with a mortgage have an advantage as their mortgage payment history can count towards their credit history and we believe that your rent payment history should be used in the same way.
Karl Tatler Lettings has teamed up with Experian to take part in The Rental Exchange. The Rental Exchange is a way to strengthen your credit report without you needing to take on new credit. The scheme enables us to share details about the rent you pay with Experian on a monthly basis. This is then included in your credit report, meaning you will then be recognised for paying your rent on time.
From Friday 12th August 2016 we will be sharing the tenancy information of our managed tenants with Experian.
As a tenant, this enables you to build a positive credit history and 'online' proof of identity. This has become increasingly important when it comes to applying for goods and services such as a utility supplier, a mobile 'phone provider or even when shopping online.
By supplying this data to Experian, you are simply proving that you are a more reliable customer to lenders. Proving your identity, and showing a track record of paying your rent can give you a fairer access to services such as bank accounts, credit cards, loans, online shoping and better utility services rates.
Sharing of data is common. When you sign up to a mobile 'phone contract, or a new credit card, for example, in the terms and conditions you will also be sharing your data.
Data will be made available only to Experian entirely in accordance with the Data Protection Act 1998. This ensures your information is secure and confidential. Your information will not be used for marketing purposes by Experian.
Not only will we be able to work with you more closely to manage your existing tenancy agreement, your track record as a tenant will enable Experian to use the information supplied to them in the future to assist other landlords and organisations to:
If you would prefer not to benefit from the scheme and do now want us to share your tenancy information, you can opt out. To do this please email firstname.lastname@example.org to tell us you do not want to take part in the scheme by Friday 12th August. Please include your full name, and current address in your email.
Should you wish to opt out at a later date, you can do so, though please be advised that once you opt out of The Rental Exchange having been originally included in it, you would then not be able to rejoin at a later date.
The Rental Exchange brochure
The Rental Exchange - how data is used
Further information about the Rental Exchange is also available at http://www.experian.co.uk/rental-exchange.
What is a Credit Reference Agency?
Experian collect and maintain consumer and business credit information and supply it to credit providers to help them quickly and easily assess credit applications and manage existing credit accounts. This helps people and businesses access credit quickly and easily that they can afford to repay.
Where do Experian get their data?
Experian's data is supplied by credit providers themselves, such as banks, building societies and utility companies, as well as local authorities, housing providers, Registry Trust Ltd, the Insolvency Service and other Fraud Prevention Agencies.
Why do Credit Providers use Credit Reference Agencies?
Credit providers use the information to help them make fair and responsible decisions about offering credit and other services to consumers, as well as using the information to help check your identity and prevent fraud.
How can I see my rental data?
Once Rental Payment History is being used by banks, lenders and other credit providers you will be able to see the data on your Experian credit report.
Who ensures the CRAs use my data fairly?
As with all organisations who store or share data, we must comply with the Data Protection Act 1998, which is monitored by the Information Commissioner’s Office. Our use of the electoral roll is also regulated by the Representation of the People Act 2000. We are also regulated by the Financial Conduct Authority.
What will I have to do?
No action is required by yourself. You would only need to contact us if you wish to opt out of The Rental Exchange. To opt out simply email email@example.com with your name and address details.
Can anyone look at my data?
Experian control access to your data in accordance with the Data Protection Act 1998, allowing access only to organisations you have granted data access to, or if there is a legal requirement to do so.
If you would like more information on The Rental Exchange Scheme please contact your local Karl Tatler Lettings branch and we will be happy to help.