The Rental Exchange
Get recognised for paying your rent on time
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 personal history of the credit an individual has had. Different organisations use this information to decide whether to give you access to their services. Not having a credit score means that people often get worse rates and can end up paying more for things like electricity and loans.
We believe that our tenants should get recognition for paying their rent, in the same way people who pay their mortgage do.
We’ve teamed up with Big Issue Invest and the credit reference agency, Experian, to bring you an exciting new scheme, The Rental Exchange.
This scheme involves us sharing your rental payment history with Experian, to help create you an online proof of identity, proving you are who you say you are and that you live where you say you live. Providing this makes you a more reliable potential customer to companies.
What are the benefits to you?
The scheme allows tenants with a history of little or no credit, to build a credit score. Being able to prove your identity and show a track record of paying your rent will open up new channels and services, giving you fairer access to services such as bank accounts, credit cards, loans, online shopping, and better gas and electricity rates.
What do you need to do?
You do not need to do anything. We will share you rent payment information with Experian, unless you tell us not to. This could make it easier for you to apply for credit or bank accounts in the future. We understand that in some circumstances there may be rent arrears. Where this is the case we will work with you to address this. Paying your rent on time could help you access cheaper products and services in the future.
If you do not want us to share your tenancy information with Experian, please contact us via email at email@example.com or call us on 0800 2940195 and speak to one of our Customer Engagement Co-ordinators.
If we have not heard from you within 28 days of the date of this notice, we will commence sharing your information with Experian. However, you can request that we stop sharing this information at any time.
For further information please visit www.experian.co.uk/rental-exchange