So, you’re renting a property and you’re trying to save for your first home. You make your payments on time and have done for years, but this doesn’t help you when it comes to applying for a mortgage.
Welcome to The Rental Exchange!
Big Issue Invest has partnered up with Experian, to give tenants the chance to enhance their credit report by building a positive credit history, which helps to increase access to mainstream credit.
The initiative aims at treating tenants and homeowners equally, which mean that every time you pay your rent, your payments will be counted towards your credit score in a similar way mortgage payments are for homeowners. And the best part is, it is free for both tenants and landlords.
The scheme is open to both private and social housing tenants and you are able to sign up to the scheme as an individual, regardless of whether you're on a joint tenancy or not.
I Am a Tenant, Why Should I Sign Up?
Through frequent rent payments you will be able to improve your credit score and suitability as a homeowner or just a future tenant.
I Live in Social Housing, Can I Get Involved?
Yes, the scheme is open to both private and social housing tenants. Your landlord should be able to provide your rental payment record to Experian on a regular basis. For more details on how to register, please speak to your landlord.
How Does It Work?
The Rental Exchange is a database which holds rental payment information which is then shared with Experian and incorporated into your credit score.
I Am a Landlord, How Am I Affected?
The scheme is completely free so if your tenant decides to sign up, you do not have to pay a penny.
So what are you waiting for? Sign up today to start making your rent count.
Visit The Rental Exchange