CreditLadder has signed a partnership with Equifax, one of the world’s largest credit reference agencies, enabling tenants who use our platform to have their rent payments added to Equifax’s credit file.

The deal allows tenants to improve their credit score via their on time rent payments and CreditLadder is the first tenant rent reporting platform in the UK to work with here

This partnership means our users’ rent payments will now automatically appear in Equifax’s Statutory Reports and the Equifax services used by lenders to help make lending decisions. Equifax is used by many of the leading banks including Barclays, Halifax/Bank of Scotland, HSBC, Natwest and RBS.

Sheraz Dar, CEO of CreditLadder.co.uk, says: “CreditLadder’s mission is to deliver financial fairness to the UK’s millions of tenants, helping them access the credit they need, for example when they want to buy their own home. As one of the world’s leading credit reference agencies, working with Equifax to add tenants’ payment track records to their reports is a major enhancement for our users, and for our platform.”

Janice Rudd, Data Director at Equifax, said: “The inclusion of rental data in credit assessments is a huge lift to improve financial inclusion and fairer access to the right financial products. This data insight provides lenders with a much more reflective picture of the amount renters can afford to borrow. Renters who make full and timely monthly payments should see a significant benefit in proving their ability to repay a commitment, just like mortgage payers. We’re pleased to work with CreditLadder to unlock better financial outcomes for consumers and lenders alike.”.

How does CreditLadder work?

Tenants have their rent payments read by CreditLadder using Open Banking enabled APIs. This allows the tenant to have their rental payments added to their credit file, and ultimately help improve their credit history and score. 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 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.