The Rental Exchange – Tenants can now use rental payments as a means to improve their credit history and build a file that gives them better access to favourable rates on financial products.
The Rental Exchange has been created by Experian and Big Issue Invest (the social arm of the Big Issue Group) to tackle inequalities between renters and homeowners.
When signing up to the scheme tenants can now build and improve their credit history by having their payments information recorded by data company Experian.
The scheme is for by use by tenants. landlords and housing associations. Private tenants can also use the Rental Exchange. Individual tenants can join via Creditladder
This is the first scheme to recognise rental payments on people’s credit reports in the UK.