Rent and credit score

GibbsRule_No3

From today your rent can influence the credit rating. It does sound like you have to have an input for this to happen, it won't automatically do it. BBC Radio 5 "Wake Up To Money", seem to think you will only do this if you have a good payment record.
Edit: Actually looks like it is Private renters who might need to do something, social housing tenants probably automatically are registered.

nyermen

Very unclear to me what this means. Does rent count as "credit" (I pay in advance, not arrears...), and will it be part of the credit file that lenders can consider (I work in regulatory compliance software where this information can have an input to RWA etc.)
Or will it just be factored into the number that experian makes up which some (note - not that many afaik) lenders choose to buy rather than build their own models.

Interesting question - will this information only be available to lenders, not letting agents - or on the public entry where letting agents can access (ie. CCJ's etc). Wondering if it could become a sting for anyone who misses a rent payment. Will it be a 7 year record?

DCFC79

GibbsRule_No3 wrote: »

From today your rent can influence the credit rating. It does sound like you have to have an input for this to happen, it won't automatically do it. BBC Radio 5 "Wake Up To Money", seem to think you will only do this if you have a good payment record.
Edit: Actually looks like it is Private renters who might need to do something, social housing tenants probably automatically are registered.

You must mean credit history since credit ratings are only seen by us the users of the CRA's.

GibbsRule_No3

DCFC79 wrote: »

You must mean credit history since credit ratings are only seen by us the users of the CRA's.

Probably ;-)

[Deleted User]

I guess you are referring to this:

https://www.experian.co.uk/rental-exchange.html

You have the opportunity to opt-in and opt-out if you wish.

It simply shows that you’ve paid your rent on time or not, just like any other credit agreement.