Experian
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Latest property news
New tenant referencing system for lettings revealed
Launching a new referencing tool, HomeLet CEO says fraud within the lettings industry has surged by a third in the last 12 months and made worse by a lack of property.
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Regulation & Law
Agents urged not to be complacent on AML compliance
SmartSearch boss Martin Cheek says agents using outdated AML practices could be making a costly mistake and putting themselves on the road to financial ruin.
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Latest property news
Proptech platform to help tenants boost their credit score
Canopy has launched CanopyGrow, a subscription service designed specifically to help renters grow their credit score.
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Latest property news
Experian says reporting tenants’ rent DOES help improve their credit scores
Read how the reported rents of both social and private sector tenants captured in recent years are now flowing into Experian's credit score creating system.
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Latest property news
First tenants sign up to Open Banking rent-reporting service
The recent Open Banking initiative that promised a ‘revolution’ in the way bank account data can be used by third parties is already making inroads into the private rented sector, it has been claimed. Proptech firm CreditLadder says the first tenant has now signed up to its Open Banking-enabled rent reporting service and that over a thousand tenants have followed suit. The company, which calls itself a credit improvement platform and has processed £14m of rents since it launched, asks tenants to allow their bank account statements to be read each month by CreditLadder. It then notifies partner reference agency Experian, the largest in the UK, about each payment including whether the rent was paid on time and in full. This payment track record is then added to their credit history by Experian. Letting agents The service, which is being offered to tenants for free, generates its income both through a premium tenant service and a paid-for package for letting agents. CreditLadder says it already works with 700 agents branches in the UK. “When CreditLadder launched its Open Banking service last month we were acutely aware that the take up maybe held back given the newness of the technology,” says…
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Latest property news
Open Banking makes its debut in the rental market following new service launch
Online rental payments platform CreditLadder says it is the first in its sector to launch an Open Banking service that enables tenants to improve their credit score without the need for a lengthy sign-up service or their landlords’ permission. These restrictions were a key criticism of the tech sector by Lord Bird when he launched his draft Creditworthiness Assesssment Bill recently in the House of Lords. CreditLadder says it has already processed rental payments worth £14 million since starting up in 2016 and claims to be the first service of its kind in the UK to integrate its tech with the Open Banking ‘revolution’. Nine banks in the UK now offer an Open Banking feed or API that enables third parties such as CreditLadder to plug into and read the amount and date of transaction going into people’s bank accounts, if they give permission. The nine banks offering this so far are Barclays, HSBC, Lloyds Bank, Halifax, Natwest, RBS, Santander, Nationwide, The Co-Operative Bank, First Direct and TSB. Individual tenants can sign up to the service, but it is also open to letting agents to offer tenants as an ‘add-on’ to their lettings proposition. Credit history CreditLadder records rent payments…
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Latest property news
Hybrid letting agency claims tenant creditworthiness ‘first’ after deal with Experian
Hybrid lettings agency No Agent is to begin reporting its tenant’s payment histories to partner credit reference agency Experian, and is claiming to be the first agent with national reach to do so. The London-based online hybrid agency says it wants to help the tenants who live in the properties it manages to improve their chances of getting on the property ladder and create a level playing credit score playing field for both tenants and home owners. No Agent will be reporting its tenants ‘one-time’ rent payment though Experian’s Rental Exchange initiative, which enables larger agents, landlords and social housing providers to record tenants’ payments in large volumes. “Rent is usually the largest regular payment in a household and should be the main indicator of creditworthiness,” says No Agent CEO Calum Brannan (pictured, left). “Yet tenants paying rent regularly don’t see this reflected on their credit scores in the same way homeowners do with their mortgage payments. “It’s making it even harder for them to get on the ladder and it’s simply not fair. So we are partnering with Experian to change things for Generation Rent.” Experian’s Rental Exchange system doesn’t require the permission of landlords to pass on their…
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Latest property news
NALS backs Experian tenant rental payments initiative
The National Approved Letting Scheme (NALS) says it is to back a credit referencing system launched five years ago by leading referencing agency Experian that adds tenants’ rental payments to their credit histories. The scheme, called The Rental Exchange, aims to help tenants improve their credit score by paying their rent on time. If tenants and letting agent agree, Experian will record their monthly rental payments in the same way a home owners mortgage payments are documented. NALS says the scheme will enable tenants to “strengthen their credit histories and ease any difficulties accessing credit” and the organisation is working with The Rental Exchange to ask its member agents to get behind the scheme. NALS says the scheme is simple to use and free for agents to sign up to although previously, agents and landlords have had to pay to then access the information. Landlords and agents are split into two sizes by the scheme; those owning or managing less than 100 properties, who submit tenant payments data via a service called CreditLadder, and those who own or manage more than 100 properties. These agents or landlords will be able to feed rental payments directly into the scheme’s website. The…
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Housing Market
Home buying barriers frustrate 1.7m tenants
One in three private tenants has put their plans to buy on hold and remained in rented accommodation longer than planned, according to Experian research. Home ownership has been considered an integral part of ‘The British Dream’ for generations, yet Experian’s survey of nearly 1,500 private tenants in the UK suggests 1,655,680 tenants are frustrated first-time buyers. 18 per cent private tenants don’t believe they would be accepted for a mortgage so feel renting is their only option, while 10 per cent have struggled to raise a deposit, delaying their plans to buy. A further five per cent have had to prolong their time renting as they’ve been held up in securing a mortgage. Despite making regular payments for their housing, private tenants don’t see this reflected on their credit report in the same way mortgage payers do. To help them get a mortgage, access finance or prove their identity online, Experian has developed the Rental Exchange. Experian’s Jonathan Westley (left) said, “Many would-be first-time buyers face the challenge of saving for a deposit on a home while paying rent each month. While our research also shows that a significant amount of people are happy to rent in the long-term,…
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