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CreditLadder teams up with Digital ID Connect to offer Rent Reporting to their users
CreditLadder, the UK’s first and largest rent reporting platform, is working with Digital ID Connect, the UK’s largest digital identity app network. This will allow Digital ID app users to seamlessly report their rental payments into the four main credit reference agencies.
Just under 40% of people in England rent, and this increases to over 50% in London*. To help bring financial fairness to these tenants, CreditLadder has now reported over £1 billion in rent payments – this means these payments now appear on credit files therefore allowing lenders to see that on-time rent payments have been made. These on-time payments can also help improve a tenant’s credit score – much like a homeowner can benefit from on-time mortgage payments.
Renters can sign up to CreditLadder using any one of the Digital ID apps within the Digital ID Connect network to securely provide personal details, prove age and identity. Users then provide details of their bank account, rent amount and tenancy information, enabling CreditLadder to capture and track rental payments automatically, via Open Banking.
John Abbott, Chief Commercial Officer for Strategic Partnerships at Yoti, said: “The vision for Digital ID Connect is to provide faster and more secure ways for people to share their information with valued services that need identity or age verification. I am delighted to be working with CreditLadder so that the tens of thousands of people installing our app each month have extended partnerships available at their fingertips”.
Sheraz Dar, CEO at CreditLadder, said: “At CreditLadder, our sole mission is to help UK tenants access fairer finance. By enabling Digital ID Connect users to report their rent payments we move another step closer to helping every single tenant improve their access to credit and accomplish their financial goals. With lenders in the UK factoring in rent payments when making credit decisions, including beginning to consider on time rent payments when looking to assess mortgage applications, it’s yet another reason why reporting rental payments is so important”.
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