stephen barclay
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Latest property news
Mandatory adding of rental payments to credit scores takes a step further towards reality
The mandatory adding of tenants’ rental payments to their credit histories took a step further today. A Private Members bill introduced by House of Lords cross-bencher Lord Bird (pictured, right), who founded the Big Issue magazine and homelessness charity, is to get its second reading on 24th November, it has been announced. His Creditworthiness Assessment Bill – if it becomes law – will require mortgage lenders to take into a tenant’s rental and council tax payment histories into account when calculating credit scores. Credit score rise Lord Bird is not alone in his endeavours. An e-petition signed by over 147,000 people was discussed last month in Westminster Hall and addressed by several key MPs including Economic Secretary to the Treasury Stephen Barclay and Labour spokesperson Jonathan Reynolds. He said 80% of tenants who had already signed up to one of the services that reports rental payments to the credit agencies saw their credit score rise. “Crucially, it has added a digital footprint, which is so important these days, for many people who simply did not have one before,” he said. Also, the Financial Conduct Authority has only just finished a consultation on assessing creditworthiness, and is due to issue a…
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Latest property news
MPs back move to add rental payments to tenants’ credit scores
Millions of tenants may soon be given a leg up onto the property ladder following a debate in parliament yesterday afternoon led by MP Paul Scully (pictured, right). An all-party selection of MPs sat down in Westminster Hall to debate an e-petition raised earlier this year calling for on-time rental payments to be recognised as evidence that mortgage re-payments can be met. Created by Plymouth roofer Jamie Pogson (pictured, left) during a ‘rant on the way to work’, the ordinary-sounding petition 186565 went on to be signed by over 147,000 people and gain its day in parliament. The debate included several high-profile MPs including Stephen Barclay, the Economic Secretary to the HM Treasury, who spoke on the government’s behalf. He gave Pogson and the millions of tenants desperate for any help on to the property ladder a strong signal that lenders may soon be compelled to add tenants’ rental payment to their credit histories. Stephen Barclay said he agreed that rental payments should be one of the key pieces of information included in credit files, and that he would talk with interested MPs with a view to proceed with a solution. “A gentle nudge to encourage the credit referencing sector…
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