Pay Rent and Boost Your Credit File - guide discussion

Legacy_user

Hi all,

We've written a new Pay Rent and Boost Your Credit Score guide and would love your feedback.

How did you find the info? Was it useful? Do you have any other tips you'd add?

Thanks for your help!

MSE Callum

Maria_D

I've just contacted my letting agency 'Your Move' to ask for their consent for me doing this. I spoke to three different people, (including the accounts dept), none of whom new anything about this scheme. So no consent received.....what should I do now?

newuser78

Will lenders see how much monthly rent is? And also is this scheme useful only for those with poor credit rating?

1884

I think it would be useful to include a section about those living at home with their parents.

I am in that situation and paying rent but we do not have any kind of formal landlord/letting agreement set up. Could this scheme be used in such a situation and give the same benefits?

Chunter1

Hi

Is this safe to do? I've contacted my letting agent about this but they haven't heard of it. Is it because it's that new?

Thanks

Claire

theartfullodger

Chunter1 wrote: »

Hi

Is this safe to do? I've contacted my letting agent about this but they haven't heard of it. Is it because it's that new? ....

It's probably because the letting agent don't know anything about anything, not just this scheme: Which, btw, if you read MSE's guide kindly tells you

The Rental Exchange scheme was launched in March 2016 ....

One can become a letting agent with no qualifications, no training, no criminal records checks....

Swami_Trinel

I've only just discovered this scheme having long grumbled that my biggest monthly outgoing which is paid on time has no impact on my credit worthiness. I have sent details to my agent and applied for the scheme.
Have any forum users been able to successfully sign up to this scheme yet, and if so what has been the overall experience?

Guest101

I think it's a terrible idea.


e.g. (I may have missed it but) what happens when the rent 'increases' and suddenly its reporting as late payments.

Swami_Trinel

Guest101 wrote: »

I think it's a terrible idea.


e.g. (I may have missed it but) what happens when the rent 'increases' and suddenly its reporting as late payments.

What if my rent goes up?
If your rental agreement changes, eg, the rent goes up, you need to get in touch with Credit Ladder to adjust the payment amount or date. It will then verify this with your letting agent or landlord. When your tenancy agreement comes to an end you should cancel the standing order with your bank and inform Credit Ladder.

Guest101

Swami_Trinel wrote: »

What if my rent goes up?
If your rental agreement changes, eg, the rent goes up, you need to get in touch with Credit Ladder to adjust the payment amount or date. It will then verify this with your letting agent or landlord. When your tenancy agreement comes to an end you should cancel the standing order with your bank and inform Credit Ladder.

Sorry I wasn't clear.


Sometimes landlords or agents will claim rent increases in order to prompt tenants to leave. a s.13 rent increase is ofcourse valid but challengeable.


But not all landlords or agents are honourable. Presumebly they would contact credit ladder and say the rent has 'gone up'

Sam.W_3

Is anybody using this scheme yet? I have been considering it to help build a credit score but am wondering what people who have used it think of it so far.