Credit Builder for tenants launched

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A new platform has been launched that allows tenants’ rent payments to influence their credit report.

The Credit Builder platform can help tenants form an established rental record, which can then be shared with landlords and financial groups. Currently, most credit reports do not take rental payments into account when calculating a credit score.

Henry Yates, the chief executive of Credit Builder said:

“The groundswell of opinion that tenants’ rental payments should count towards their credit report is beginning to drive real change in the industry.”

Credit Builder is integrated into Experian’s Rental Exchange system, which improves a person’s credit score if they pay their rent on time.

A recent petition, which had 150, 000 signatures, has urged lenders to take rental payments into account when considering mortgage applications from first-time homebuyers. Credit Builder could help make this a reality.

Buy-to-let landlords who use commercial mortgages to buy residential property can create more accurate business plans if they use Credit Builder to find prospective tenants because they are unlikely to fall into arrears.

Walton and Allen, a Nottingham estate agents, is one of the groups to have signed up to the programme by only accepting good paying tenants for their rental properties, has cut arrears from 7% to zero. Mark Batty, director of Walton and Allen, said:

“The benefit to landlords is proven by the fact that all of our tenants using the Credit Builder platform have paid their rent on time and we no longer spend time chasing late payers.”

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