Rental Exchange (Credit Ladder)

carolann312

Has anyone used the above scheme? I'm a little confused as to how it works. One article I read on here says I pay my rent to Credit Ladder and they pay it to my landlord on the same day - fair enough. However, on the Credit Ladder website it says I pay my rent as normal to my landlord and I give Credit Ladder read- only access to my bank account so that they can see that I have paid on time and then report it to Experian. How exactly does it work? Not sure I want to grant access to my bank account even if it is read-only (didn't even know this was possible). Thanks

Gary123456790

Have a read here
https://www.moneysavingexpert.com/mortgages/rental-exchange-scheme/

carolann312

Thanks Gary. I had already read that article but the information in it is different from what the Credit Ladder website says.

pphillips

It does seem a bit scary that someone from Credit Ladder logs into your bank account every month.
However, the website says that the rent collection service will be available from November 2018.

Comms69

It's a terrible idea.


I would avoid it like the plague. (and most sensible landlords will too)

Pixie5740

This thread was started a month ago but I shall throw by tuppence worth in anyway. I do not know of any bank or building society that provides read only access for viewing personal accounts online. Not only that but provides access where only one particular account with that institution can be viewed.

From Credit Ladder's website:

Connect the bank account from where you pay your rent, granting read-only access.

Comms69

Pixie5740 wrote: »

This thread was started a month ago but I shall throw by tuppence worth in anyway. I do not know of any bank or building society that provides read only access for viewing personal accounts online. Not only that but provides access where only one particular account with that institution can be viewed.

From Credit Ladder's website:

Doing this will also remove any fraud protections the bank offers.


It's the same as safetynet credit - google them if you've not heard.

Comms69

asabentley wrote: »

Hi, my name is Asa and I'm co-founder and Operations Director at CreditLadder. - and you're posting without MSE's permission...

I wanted to address some of the concerns here:
- We used to take rental payments into our secure client account and pay them out the same day. - Following a successful trial we now only offer rent reporting. - a successful trial of what exactly, read-only software?


A tenant registers on our website and links their bank for secure reading (we and our partner are FCA approved for this activity). We then read and report the rent payment data to Experian. - and?
- We have HM Treasury backing for the service. If you google "CreditLadder Government" you can see a wealth of articles. - backing of what? I've just looked at it and see no such 'backing'.
- If you want to learn more about Open Banking which is supported by all major banks Google "Open Banking Money Advice Service". - No thanks.

If you have any further questions I am more than happy to help.

Nah, no point. This is a terrible idea for pretty much every tenant.

Comms69

ooh ooh I have a question:


How's the nearly £700k debt? Up half a million from year one?

Slithery

Did you read the OP's username?

He's spent it on a Bentley, they're about half a mill aren't they?