UK’s largest rent reporting platform reveals big distribution deal
1,000s of people who sign up to Digital ID Connect app each month will now be able to report their rent payments to big four credit reference agencies.
The UK’s largest digital identity verification app has begun offering tens of thousands of people who sign up to its service every month the opportunity to report their rent payments to the big four credit reference agencies.
Digital ID Connect is a joint venture between Yoti, the Post Office and Lloyds Bank and is the leading app for those seeking to prove their identity and age, particularly in bars and restaurants.
It has inked a deal with London-based CreditLadder, which to date has reported some £1 billion in rent payments.
These payments appear on credit files and therefore allow lenders to see that on-time rent payments have been made by those applying for credit including mortgages.
Renters can sign up to CreditLadder using any one of the Digital ID apps within the Digital ID Connect network to securely provide personal details, prove age and identity.
Users then provide details of their bank account, rent amount and tenancy information, enabling CreditLadder to capture and track rental payments automatically, via Open Banking.
Age verification
John Abbott, Chief Commercial Officer for Strategic Partnerships at Yoti, says: “The vision for Digital ID Connect is to provide faster and more secure ways for people to share their information with valued services that need identity or age verification.
“I am delighted to be working with CreditLadder so that the tens of thousands of people installing our app each month have extended partnerships available at their fingertips.”
Sheraz Dar, CEO at CreditLadder, adds: “At CreditLadder, our sole mission is to help UK tenants access fairer finance. By enabling Digital ID Connect users to report their rent payments we move another step closer to helping every single tenant improve their access to credit and accomplish their financial goals.
“With lenders in the UK factoring in rent payments when making credit decisions, including beginning to consider on time rent payments when looking to assess mortgage applications, it’s yet another reason why reporting rental payments is so important.”
