On a mission to clean up and revolutionise the UK private rental sector, No Agent is working to ensure that its tenants’ timely rental payments are added to their credit reports through Experian’s Rental Exchange initiative.
The CEO of the lettings business, Calum Brannan, comments: “Rent is usually the largest regular payment in a household and should be the main indicator of creditworthiness. 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 properties across England by combining technology with a team of experienced property professionals. Its proprietary technology will be integrated into Experian’s Rental Exchange system and, following rigorous testing, the firm will share rent payment data with the credit agency. This data will then be included in tenants’ Experian credit reports.
Mark Goodfellow, the Rental Exchange Partner at Experian, also responds to the partnership: “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. 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.”
Brannan continues: “We started No Agent to fix the letting experience for both landlords and tenants, and we strongly believe technology is the solution. 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. I am very proud No Agent is leading the charge in creating a marketplace that’s fairer for everyone.”
The private rental sector is growing steadily, with a quarter of the UK’s population forecast to be renting privately in five years’ time. Legislation may have been slow to catch up, but things are changing.
Last year saw a Parliamentary debate following a 140,000-strong petition, and the launch and second reading of Lord Bird’s Creditworthiness Assessment Bill in the House of Lords. Additionally, at the beginning of the year, the Government launched a £2m initiative to find the best proptech platform to record rental payments by tenants.
We will continue to keep you up to date with changes to the law concerning tenants’ credit scores.
In the meantime, remember that our essential Rent Guarantee Insurance ensures that you still get paid if your tenants fall behind on their rent. Get the ultimate peace of mind cover for landlords online: https://www.justlandlords.co.uk/rentguaranteeinsurance