The Rental Exchange: treating tenants and homeowners equally
Experian believes that everyone should be treated equally, no matter if you are a tenant or a homeowner. That’s why they have partnered up with Big Issue Invest, the social investment arm of The Big Issue Group.
By working together, they have created The Rental Exchange to help tackle the challenges faced by rental tenants in the UK. Their initiative aims to tackle the financial, digital and even social exclusion challenges that rental tenants often face compared to homeowners. By observing rental payment data in the same way that we view mortgage payment data, we can unlock a range of benefits for tenants, housing providers and credit providers.
The Rental Exchange will incorporate a tenant’s payment history in their credit file with no cost to either the housing provider or tenant.
How will I benefit?
We’ll help you create an online history of your rental payments. It’ll prove to companies that you’re a reliable potential customer by proving who you are and where you live. Having additional information on your credit file can make it quicker and easier to:
- Open a new bank account
- Get a new credit card
- Have a loan application approved
- Shop online
- Arrange a better utilities tariff, or qualify to pay for gas/electricity via a non-prepay tariff
- Receive better mobile phone rates
- Apply for a mortgage
You can visit their website for more information
If you want to know what the Money Saving Expert, Martin Lewis, has got to say about it you can visit his website.