CreditLadder teams up with TransUnion on renting reporting scheme

CreditLadder, the rent-reporting platform, has teamed up with TransUnion to offer renters the chance to boost their credit rating by reporting their rental payments.

CreditLadder said the service means that the credit rating agency will have a more holistic view of an individual's financial standing and creditworthiness.

It said that anyone can sign up to the service by providing details of their bank account, rent amount and tenancy details, with CreditLadder capturing and tracking rental payments via open banking.

Kelli Fielding, managing director of consumer interactive for TransUnion in the UK said: “We want to empower consumers to take control of their credit information to help them access the finance they need. 

“By helping to ensure that those that are not on the property ladder can benefit from the reporting of their rental payment behaviour, renters can strengthen their credit score and, in turn, access to finance, so we’re delighted to be partnering with CreditLadder to support UK consumers in this way.”

Mortgage payments are already visible within credit information but rental payments are not.

TransUnion says by striking the deal with CreditLadder, lenders will be able to make more informed assessments about affordability.

Sheraz Dar, CEO of CreditLadder, said: “At CreditLadder, our sole mission is to help UK tenants access fairer finance. 

“Working with TransUnion we are achieving this by helping toinnovate the credit reporting process. 

“Having a strong credit report and score can help tenants improve their access to credit and accomplish their financial goals, whether for everyday living or for bigger ticket items like buying their own home or going on holiday.”