Tech duo join forces to help improve tenants’ personal finances

Rent recognition platform Creditladder has processed rent payments totalling nearly half a billion pounds, the company says, as it announces a new partnership with tech-based loans firm Zopa.

Creditladder helps tenants build up their credit score by capturing their rent payment history which is then passed on to the major credit reference agencies.

This helps tenants build up their credit scores and landlords and letting agents see a more complete picture of an applicant during referencing.

Creditladder, which says it’s a ‘financial inclusion service’ claims the partnerships with Zopa will enable tenants to more easily access loans and potentially reduce the costs of borrowing money.

Rent payments are taken into consideration in Zopa’s unique credit score tool and loan eligibility checker, Borrowing Power.

It’s a free tool within the Zopa app which calculates a customer’s financial health score, recommends targeted actions to help them improve it and links directly to their eligibility for Zopa products.

Clare Gambardella, Chief Customer Officer at Zopa Bank (pictured), says: “Partnering with CreditLadder and using its Open Banking technology via our app makes it possible for us to offer those that rent a more accurate credit score, tailored tips on how to improve their credit health and access to more affordable Zopa loans in the future.”

Sheraz Dar, CEO of CreditLadder says; “There are over 10 million households in the UK who rent and our mission is to ensure they can benefit from reporting their rent payments to improve their credit score – just like home owners do when it comes to their mortgage.”