UK based tenants among the 1.4 million-plus customers of Revolut, one of the UK’s fastest growing challenger banks, are now able to report their rent through CreditLadder to credit reference agency Experian.
Revolut is the latest financial institution to enable its customers to benefit from their own bank statement data, which has been enabled through the Open Banking initiative.
Renters connect their bank to CreditLadder, which then uses read-only access via Europe’s leading provider of financial API’s TrueLayer to read and report their rent to Experian. The aim is to help CreditLadder tenants to gain access to better financial deals and help them step onto the property ladder.
A quiet revolution is taking place within the world of personal finance as more and more banks embrace Open Banking allowing their customers to report their rent through CreditLadder. Its anticipated these changes will make a huge difference to the creditworthiness of millions of people as rent reporting becomes more widespread.
“As the first and largest company in the UK to offer rent reporting to tenants, we have been working hard to spread the word that those who pay rent are now on the same level playing field as those who pay their mortgages on time.” says CreditLadder CEO Sheraz Dar.
Other banks whose customers can report their rent through CreditLadder include Barclays, HSBC, Lloyds, Halifax, NatWest, RBS, Santander, Nationwide, Metro Bank, First Direct, TSB and Bank of Scotland plus many more.
CreditLadder is currently fundraising with an element of the raise appearing via crowdfunding platform Seedrs. Learn more here; www.seedrs.com/creditladder. CreditLadder received strong endorsement when they won the HM Treasury Rent Recognition Challenge last year.
Contributed | what does this mean?