It’s been a busy Summer for CreditLadder as our service and business has achieved several significant achievements.

This includes being one of three Fintech companies to win through to the final of HM Treasury’s Rent Recognition Challenge (RRC) announced by Chancellor Philip Hammond in his Autumn budget statement last year. Each company has now received funding to help their development and expansion.

In our case, the cash will be used to strengthen our team, build partnerships with other Fintech businesses and optimise tenants’ user experience when they visit the site.

The announcement follows scrutiny of each RRC entrant's presentations by a panel of leading figures from the Fintech sector including Al Lukies of Motive Partners; Charlotte Crosswell, CEO of Innovate Finance and Paul Smee, Director of Mortgages, UK Finance.

The RRC was launched to help develop applications that will help renters boost their credit scores and improve both their creditworthiness and chances of getting on the housing ladder.

CreditLadder will now receive £500,000, the largest award given among the three. It's our share of the remaining £1.4 million left in the RRC fund. This followed a first round of the challenge in March this year that saw six tech firms including CreditLadder each given £100,000 to further develop their platforms prior to a final round.

“Our service was the first in the UK to enable tenants to have their rent recognised by a leading credit reference agency and this, coupled with our strong tech development and already significant database of tenants, I believe, helped secure today’s approval from the HM Treasury,” says CreditLadder CEO Sheraz Dar.

“We are hugely thankful for the HM Treasury’s decision to award us the extra cash which as a leading FinTech platform will help us further raise awareness about creditworthiness and rent recognition among the 11 million people who rent privately in the UK.”

CreditLadder can help you improve your credit score

If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the information provided in this article is for information purposes only and should not be considered as advice.