A new proptech platform has just launched that links tenants’ rental payments with their Experian credit report and provides a full rent reporting service for letting agents and landlords.
The Credit Builder platform is designed to help tenants improve their credit history by building up a validated rental record which they can share with future landlords and financial institutions, such as mortgage providers and other lenders.
Furthermore, by encouraging tenants to pay their rent on time, Credit Builder helps to reduce rental arrears for agents and landlords, while also generating mortgage enquires from tenants that are ready to buy. The new Credit Builder software is fully integrated with Experian’s Rental Exchange and provides agents with the ability to run a comprehensive rent reporting service for all of their tenancies.
The launch of Credit Builder follows a petition which gathered around 150,000 signatures calling for rental payments to be taken into consideration when deciding if someone can afford a mortgage.
With Credit Builder tenants will consent to the use of the rent reporting service as a condition of their tenancy agreement. Their details will then be imported into the Credit Builder platform and each subsequent rental payment they make will be automatically reconciled and reported to Experian.