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Experian Rental Exchange

Experian Rental Exchange

Many social housing tenants find it difficult to access financial services such as affordable loans, bank accounts and credit cards. Often this is because not enough information is held on their credit file.

A credit file or score is a history of the credit an individual has had. Not having a credit score or a low score, means you may get worse rates and can pay more for things like gas, electricity and loans.

Homeowners with a mortgage have an advantage as their mortgage payment history can count towards their credit history. We believe that your rent payment history should be used in the same way and help you get affordable credit.

So we’ve teamed up with Big Issue Invest and Credit Reference Agency Experian to bring you an exciting new scheme, the Rental Exchange.

What are the benefits to you?

Independent research among social tenants shows there is wide support for Rental Exchange. The key benefits are seen to be proof of financial reliability, access to cheaper credit and automated evidence of identity and proof of address. Many social landlords are going to share information with Experian for the benefit of their tenants.

Paying your rent on time could help you access cheaper products and services in the future.

What do you need to do?

You don’t need to do anything. We will transfer your rental payment history to Experience, unless you tell us not to.

In summary, sharing your tenancy records through the Rental Exchange scheme not only allows us to work with you more closely to manage your existing tenancy agreement, but will also enable Experian to assist other landlords and organisations to:

  • Assess and many any new tenancy agreements you may enter into.
  • Assess how strong your financial standing is for suitable products and services
  • Manage any accounts that you may already hold, for example reviewing suitable products or adjusting your currently product in light of your current circumstances.
  • Contact you in relation to any accounts you may have and recovering debts that you may owe
  • Verifying your identity and address to help them make decisions about the services they offer.
  • Help prevent crime, fraud and money laundering.

Both Together Housing and Experian will make sure that your information is treated in accordance with the Data Protection Act, so you can have peace of mind that it will be kept secure and confidential.

If will only be made available to a company or organisation if your tenancy information is relevant and you have agreed to them doing a check against your credit file, or where it is strictly necessary for them to check information about your tenancy.

If you would like further information, please visit the Experian Rental Exchange website, or call Experian on 0115 941 0888 and ask for a copy of the Rental Exchange brochure.

You can access independent and impartial advice on how to improve your credit history from the Money Advice Service.