The Rental Exchange
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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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