Your monthly rent payment is often your biggest single expense – so why shouldn’t it be recognized in your credit score?
Well, with these rental apps, you could start making your rent payments count…
1) Credit ladder
Since the Rent Recognition Challenge, set out in the Autumn Budget last year, Credit Ladder has impressed renters across the country hoping to build their credit.
Credit Ladder acts as a go-between, collecting your rent payment and verifying it, before passing it along to your landlord. Each time you make your payment on time, it goes towards building your Experian credit history, showing that you can consistently manage your payments.
With the vicious cycle of getting on the housing ladder getting increasingly tough, the clever folk behind Bud decided that enough was enough. With their focus on open banking, they believe that all of your financial data should be accessible to lenders – including your rental payments.
They’re building an A.I engine which automatically recognizes rental payments and allows you to log these payments in a ‘rental profile’ for you to share with mortgage brokers helping you to buy a house.
For more updates, head over to Bud and watch this space.
RentalStep matches tenants with landlords and allows your rent payments to be tracked and reported.
Like Credit Ladder, they’ll report your payments to Experian’s Rental Exchange, helping you to give your credit file a boost. You’ll get your own ‘Tenant Passport’ which keeps track of your credit score and rental history, which you can share with landlords looking for new tenants – only if you choose to, though!