Landlords in Merseyside may now have a better chance of attracting quality tenants thanks to the introduction of a new initiative designed to boost the credit score of hundreds of people renting property across Liverpool and Wirral.
The Rental Exchange scheme, launched by global information services company Experian, in partnership with the Big Issue Invest, will help private tenants strengthen their credit histories simply by Experian recording their rental payments – thereby receiving recognition in a similar way to mortgage payers.
As well as helping to strengthen credit histories, The Rental Exchange also supports the more successful electronic verification of a tenant’s identity when they search and apply for financial services online.
One of the first agents in the UK to pioneer the scheme is Karl Tatler Lettings, which operates across Wirral and Liverpool.
Karl Tatler head of lettings Dave Seed said: “Landlords will benefit from our partnership with Experian. The Rental Exchange will provide added confidence and reassurance in the quality of tenant such a scheme will attract. These tenants will have a greater incentive and motivation to pay their rent on time as it will directly impact their credit score, potentially leading to even lower rent arrears.”
Rental Exchange partner at Experian, Mark Goodfellow, hopes that the new initiate will make it easier for tenants to build a good credit rating.
He said: “What many people don’t realise is that you need a good credit rating to access mainstream financial services, from bank accounts, credit cards, personal loans and mortgages, to mobile phone and utilities contracts. In the past, building a good credit rating has been easier for homeowners than for tenants, because mortgage payments are factored in, but with The Rental Exchange we want to help level the credit rating playing field.
“By working with Karl Tatler Lettings, we will be able to help people living in the Merseyside region be the first to benefit from the initiative.”