We realise that for nearly all tenants, rent is their biggest monthly expense. What comes as a surprise for most people is that unlike on time mortgage payments, on time rent payments are not added to an individual’s credit score. A healthy credit history is vital for us all as it helps secure better deals on credit cards, loans, utility bills, and even mobile phone contracts.
The great news is we’ve teamed up with CreditLadder who are the UK’s first and biggest rent reporting platform. Our partnership with CreditLadder helps our tenants sign up to CreditLadder for free and ensure that rent payments are added to every tenant’s Experian credit history.
In August, CreditLadder were the biggest winners of HM Treasury’s Rent Recognition Challenge (RRC) and to date over £30m in rent payments have been reported through to Experian.
“We’re delighted to be working with Western Lettings. They’ve been keen to help reward on time rent payments from tenants and our partnership will help ensure even more tenants can benefit from rent reporting’ says CreditLadder CEO Sheraz Dar.
Jack Gallagher said, “Here at Western Lettings we know it’s important to help tenants as much as we can, so the partnership with CreditLadder means their on-time rent payments make a real difference to their credit history. It’s also a great way to help attract responsible tenants which is also great news for all our landlords”
In further good news, moves are afoot to ensure rent payments (and council tax payments) are always taken into account when lending decisions are made. John Bird, the founder of The Big Issue, has been leading the way and his Credit Worthiness Assessment Bill is now going through the House of Commons. The proposed legislation aims to make rental payments a compulsory part of a credit score. We think this is good news all round for all our tenants and landlords.