We allow tenants to add rent payments to their credit history therefore allowing tenants to build up their credit score. This is similar to how home owners can build their credit score when they pay their mortgage on time.
Having an improved credit score can help tenants gain access to better finance deals. This can help when buying or leasing a mobile phone, household white goods, cars, holidays and ultimately their dream home.
After living in Manchester, UK, the founding team discovered that although utility bill payments were being recorded onto their credit history their biggest outgoing rent wasn’t. Millions of private renters who pay their rent on time each month were not being recognised and this needed to change. These individuals are also often working towards buying a home of their own, and building their credit history could assist in getting them in the best possible shape to get a mortgage.
Experian were at the same time establishing The Rental Exchange in partnership with The Big Issue Group. They were out to tackle the financial, digital and even social exclusion that rental tenants often face compared to homeowners.
Fast forward and after collaboration with Experian the UK’s first tenant credit rent rewarding service was launched. This service is CreditLadder. Tenants can join for free and have their rental payments recorded to their Experian credit history.
We want to help people to take the right steps towards a better financial future. To help achieve their life goals and to recognise the efforts of those paying their rent on time.
We are a limited company registered at Companies House established March last year. We are also registered with the Information Commisioner's Office (ICO) for data protection. We are also VAT registered for taxation purposes. We are privately backed with investment from PP Asset Management who have an interest in international real estate, property management and letting.
Big Issue Invest (the social investment arm of The Big Issue Group), in partnership with Experian, has developed The Rental Exchange to tackle the financial, digital and social exclusion challenges faced by rental tenants in the UK compared to homeowners.
CreditLadder and Experian believe that you should get credit for paying your rent on time. CreditLadder reporting through the Rental Exchange is a way to enhance your credit report without needing to take on new credit agreements. To do this, CreditLadder can provide your rental payment record to Experian on a regular basis. You will then be recognised for paying your rent on time, in the same way that homeowners are recognised for paying their mortgage each month. Sharing your rental payment history will help companies to quickly check your identity online, as it’s important for companies to know who their customers are. In addition, enhancing your credit score with on-time rent payments means it may become easier for you to:
We always recommend using a standing order regular payment method. We will send you the instructions on how to set this up once your application is approved.
Great news! Our system will automatically take your tenancy to rolling at the end of a fixed term assuming you have served no notice to end the tenancy. There is nothing for you to do to activate this.
Currently we do not support these methods. If you think we should be supporting these methods then email firstname.lastname@example.org
Rent payments are made to your landlord (or agent) on the same working day that we receive it as long as the payment is received before 15:00pm GMT.
If payments are received over the weekend then they will be processed on the Monday unless there is a Bank Holiday. If so, the rent will be processed the next working day.
You can sign up to CreditLadder. Input your landlords details on registration and set payments to go to us as instructed via email once your application is approved. You can then build your credit score assuming that you pay your rent on time.
Yes, the housemates need to sign up separately and they will each be rewarded individually with a credit benefit. Feel free to tell other housemates about CreditLadder and get the whole house on board.
We take great pride in providing the highest standard of service to all of our customers. If you have any complaints in relation to the CreditLadder services then please contact our customer services team at email@example.com and we will get back to you as soon as we can ensuring that any complaint is handled by someone with suitable experience.
Sadly not. We can only record payments where we as CreditLadder have collected and verified the payment.
We have chosen Experian as they are the first Credit Bureau to offer this kind of service for tenants, whereby rental payments contribute to credit scores and reports through their ground breaking Rental Exchange. They are also the UK's largest credit reference agency.
Rental accounts shared with credit reference agencies will stay on your report for six years after they are closed, whether settled by you or defaulted. Rental Exchange data is not used to add people onto marketing lists, and we do not use your rental payment information to create a list of people who shouldn’t be offered credit. Any or all of the data credit providers may be used within automated processes and from time to time Experian will perform internal statistical analysis and system testing using Rental Exchange data to ensure the accuracy of existing and future products and services. The Rental Exchange has been developed with advice from regulators and consumer groups to ensure that we fully comply with all relevant laws, including the Data Protection Act. Your information will be kept secure and confidential, only available to a company or organisation if your tenancy information is relevant or where it is strictly necessary for them to check information about your tenancy, and when you have agreed to them doing a check. Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted by the Data Protection Act 1998.
If you apply to open a new bank account, for example, the bank will get your permission to check your credit report, with Experian or another credit reference agency. Experian will then supply them with information on your credit history, including any current credit and rental agreements you have, and how you have managed them. Your credit report usually stretches back six years and will include your payment history over this period of time. Your credit report also includes details taken from your local council’s electoral roll and other public information, such as bankruptcies, court judgments and insolvency records. The bank can then use this to assess your current credit worthiness, to help them make the most appropriate decision when offering products and services. Any check of your credit report will leave a record or “footprint” which becomes part of your report and may be seen by you and lenders in the future. This will be left regardless of whether your request for credit is approved. Credit providers cannot see the names of other organisations on your report – only you see this information. The decision to provide credit, goods or services is always made by the bank, lender or other organisation, not the credit reference agency.
The information sent to Experian is purely to record your on-time rental payments in order to build your credit score. CreditLadder may suggest a range of products and services that we may feel are suitable for you.