Tenants can now climb credit ladder

19 November 2018

Tenants can now climb credit ladder

Tenants hoping to improve their credit scores will be pleased to know that Henry Adams Lettings has teamed up with CreditLadder, the award winning tech start-up which gives recognition to prompt rent payments.

Historically meeting rent payments hasn't counted towards creditworthiness which can affect many aspects of personal finance, from the ability to get a loan or mortgage, credit cards, and even the type of utility payment options offered.

CreditLadder is backed by HM Government for their work in this area and already has more than 2,500 agent branches throughout the UK which have tenants on their platform. These tenants will now have their Experian credit scores influenced by their rent payment records which were not previously taken into account.

CEO of CreditLadder, Sheraz Dar, said, “Tenants who pay on time every time will now benefit from their credit scores taking this into account which can ease their access to loans as well as the ability to access the cheapest utility tariffs. There’s no charge to the tenant and it’s all done by making the most of technology through read-only OpenBanking systems.”

Ian Wiggett, MD of Henry Adams Lettings added, “This is an excellent step forward for tenants to improve their Experian credit scores through simply paying their rent on time which they do anyway. It’s also reassuring for landlords that their tenants are signed up to CreditLadder so are likely to be reliable.

“Tenants don’t have to sign up to CreditLadder when they rent through Henry Adams Lettings, but on the other hand, why wouldn’t they? It doesn’t add to their outgoings but it can really add to their credit scores which can have a knock-on impact on many other financial areas of their lives.

“For us, it’s an extra service we can now offer through innovative use of technology and so far the response from both our tenants and landlords has been very positive.”

For more information and advice on all aspects of lettings visit our lettings information pages or contact any of the Henry Adams specialist lettings offices including Chichester (01243 537704), Bognor & Aldwick, Horsham, Haywards Heath, Midhurst, Petersfield and Storrington.

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