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Credit Ladder and Experian believe that you should get credit for paying your rent on time. Credit Ladder reporting through the Rental Exchange is a way to enhance your credit report without needing to take on new credit agreements. To do this, Credit Ladder 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, proving you are who you say you are and that you live where you say you live 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:
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.
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.