Using rent payments to boost credit rating

Cobblecobble

Hi all,

So I'm currently a renter and keen to improve my credit rating - despite living in London, I'm still holding out on the distant dream of owning my own place one day!

I've seen ads lately for a company called Canopy, which you can sign up to to have your regular rental payments count towards your credit score. Done a quick Google and found a post on MSE from 2016 about such schemes (which references a scheme called Credit Ladder)... but I'm presuming it's a little out of date. Does anyone have any advice/experience on such schemes, or can point me to reliable, recent info on them?

Thanks!

Sarah

Ben8282

Have nothing to do with this.

[Deleted User]

Yes - don't do it

It's pointless trying to boost a fictional number

National_Debtline

Hi Sarah


The credit reference agency Experian have a scheme called The Rental Exchange where landlords can choose to share your rent payment history. The idea is it helps improve your credit history if you pay your rent on time.


There's no cost to you or your landlord, so it may be worth discussing with your landlord if they would be prepared to take part. You can find more on this here https://www.experian.co.uk/rental-exchange.html.


Best wishes


Susie
@natdebtline

foxy-stoat

Cobblecobble wrote: »

Hi all,

So I'm currently a renter and keen to improve my credit rating -

We can stop you right there, you dont have a credit rating....But if you want to add more credit information to your file, you could get a money transfer credit card, transfer 6 months worth of rent payments to a separate bank account that you pay your rent from, then make regular payments to the credit card for the rent amount. In 6 months do another transfer and carry on.