No Agent will be one of the first national letting business to ensure their tenants’ timely rental payments are counted towards their credit reports through Experian’s Rental Exchange initiative.
“Rent is usually the largest regular payment in a household and should be the main indicator of creditworthiness,” said Calum Brannan, CEO, No Agent. “Yet tenants paying rent regularly don’t see this reflected on their credit scores in the same way homeowners do with their mortgage payments. It’s making it even harder for them to get on the ladder and it’s simply not fair. So we are partnering with Experian to change things for Generation Rent.”
No Agent manages private rental property across England by combining technology with a team of experienced property professionals. Their proprietary technology will be integrated into Experian’s Rental Exchange system and, following rigorous testing, No Agent will share rent payments data with Experian. This data will then be included in tenants’ Experian credit reports.
“Historically, it’s been easier for people who already own a home to build a credit history than those who want to get on the property ladder,” said Mark Goodfellow, Rental Exchange Partner, Experian. “Monthly mortgage payments were factored into credit scores, whereas rental payments were not considered. We felt it was time to give renters a level playing field. We’re pleased to welcome No Agent to the Rental Exchange, so their tenants can strengthen their credit histories simply by paying their rent on time.”
“We started No Agent to fix the letting experience for both landlords and tenants, and we strongly believe technology is the solution,” added Brannan. “Through the Experian Rental Exchange, our tenants will boost their credit history with on time payments, access more affordable credit and get on the housing ladder faster. And our landlords are getting an extra assurance that their tenants pay in full and on time.”
The private rented sector is growing steadily, with a quarter of UKs population forecasted to be renting privately in five years’ time. Legislation was slower to catch up but things are changing. Last year saw a parliamentary debate following a 140,000-strong e-petition, the launch and second reading of Lord Bird’s Creditworthiness Assessment Bill in the House of Lords. At the beginning of the year the government launched a £2 million initiative to find the best fintech platform to record rental payments by tenants.
PHOTO CREDIT: Nick Youngson