Rent Tracking - Canopy/Experian

bradders1983

It is as people are PAYING to have it on there. It is beyond ridiculous.

KatrinaWaves

bradders1983 said:

It is as people are PAYING to have it on there. It is beyond ridiculous.

Okay so your debate skills are as follows:

1) It’s absurd
2) it’s beyond ridiculous

Clearly this has no impact on your life so I would just let people get on with it if they choose. It harms no one. 

 

bradders1983

I respect the right for you to disagree with my opinion 

Takmon

KatrinaWaves said:

bradders1983 said:

Are property rentals regulated by the Consumer Credit Act?

You’re getting so hung up on the credit issue. The rent being on peoples credit til as far as I can tell is optional. People really struggle to show ‘good credit history’ who have never had debt.

Why should someone who gets a fancy car on finance whilst living with mum and dad get a ‘good credit history’ because they pay it all on time, but someone who moves out and rents has no credit history despite paying a large amount in rent every month, on time, as agreed.

you may disagree because it’s not ‘credit’ however clearly some people have seen a benefit to recording someone sticking to an agreement and paying a large amount of their income each month in return for a service (not a car, or a loan, or a mobile phone contract, or a credit card)

What I find absurd is people with no history being treated as if they cannot handle money. When I bought my house I had ‘good history’ as my car was financed and I’d paid off a loan and a credit card. My partner had ‘bad’ history (no history) as he had saved for his car and bought outright, and always budgeted so he never had to take loans and credit cards. I was clearly less financially stable and astute than him, yet on paper I was the better bet? 

The current financial and housing climate is stacked against renters. Anything that helps them get on the property ladder if they want is a good thing. Calling it absurd is absurd. It hurts nobody. 

I disagree that it's stacked against renters because every renter will also be buying food and other things day to day so they can get a credit card, use that for all their everyday spending and pay it off each month at no cost to build up a good history of responsibly using credit which will allow them to get a mortgage. 

Getting a credit card, using it and it paying it off in full each month shows that you can responsibly use credit which banks will take into account of a lot more than someone paying rent which is an essential expensive in order to not be evicted.

KatrinaWaves

Takmon said:

KatrinaWaves said:

bradders1983 said:

Are property rentals regulated by the Consumer Credit Act?

You’re getting so hung up on the credit issue. The rent being on peoples credit til as far as I can tell is optional. People really struggle to show ‘good credit history’ who have never had debt.

Why should someone who gets a fancy car on finance whilst living with mum and dad get a ‘good credit history’ because they pay it all on time, but someone who moves out and rents has no credit history despite paying a large amount in rent every month, on time, as agreed.

you may disagree because it’s not ‘credit’ however clearly some people have seen a benefit to recording someone sticking to an agreement and paying a large amount of their income each month in return for a service (not a car, or a loan, or a mobile phone contract, or a credit card)

What I find absurd is people with no history being treated as if they cannot handle money. When I bought my house I had ‘good history’ as my car was financed and I’d paid off a loan and a credit card. My partner had ‘bad’ history (no history) as he had saved for his car and bought outright, and always budgeted so he never had to take loans and credit cards. I was clearly less financially stable and astute than him, yet on paper I was the better bet? 

The current financial and housing climate is stacked against renters. Anything that helps them get on the property ladder if they want is a good thing. Calling it absurd is absurd. It hurts nobody. 

I disagree that it's stacked against renters because every renter will also be buying food and other things day to day so they can get a credit card, use that for all their everyday spending and pay it off each month at no cost to build up a good history of responsibly using credit which will allow them to get a mortgage. 

Getting a credit card, using it and it paying it off in full each month shows that you can responsibly use credit which banks will take into account of a lot more than someone paying rent which is an essential expensive in order to not be evicted.

What does having a credit card have to do with anything? Yes they can get a credit card but it doesn’t mean anything is any easier for them? 

Takmon

KatrinaWaves said:

Takmon said:

KatrinaWaves said:

bradders1983 said:

Are property rentals regulated by the Consumer Credit Act?

You’re getting so hung up on the credit issue. The rent being on peoples credit til as far as I can tell is optional. People really struggle to show ‘good credit history’ who have never had debt.

Why should someone who gets a fancy car on finance whilst living with mum and dad get a ‘good credit history’ because they pay it all on time, but someone who moves out and rents has no credit history despite paying a large amount in rent every month, on time, as agreed.

you may disagree because it’s not ‘credit’ however clearly some people have seen a benefit to recording someone sticking to an agreement and paying a large amount of their income each month in return for a service (not a car, or a loan, or a mobile phone contract, or a credit card)

What I find absurd is people with no history being treated as if they cannot handle money. When I bought my house I had ‘good history’ as my car was financed and I’d paid off a loan and a credit card. My partner had ‘bad’ history (no history) as he had saved for his car and bought outright, and always budgeted so he never had to take loans and credit cards. I was clearly less financially stable and astute than him, yet on paper I was the better bet? 

The current financial and housing climate is stacked against renters. Anything that helps them get on the property ladder if they want is a good thing. Calling it absurd is absurd. It hurts nobody. 

I disagree that it's stacked against renters because every renter will also be buying food and other things day to day so they can get a credit card, use that for all their everyday spending and pay it off each month at no cost to build up a good history of responsibly using credit which will allow them to get a mortgage. 

Getting a credit card, using it and it paying it off in full each month shows that you can responsibly use credit which banks will take into account of a lot more than someone paying rent which is an essential expensive in order to not be evicted.

What does having a credit card have to do with anything? Yes they can get a credit card but it doesn’t mean anything is any easier for them? 

Getting a credit card is an easy way for renters to build up a credit history that will show they are responsible with money without costing them anything and allow them to pass the credit checks when applying for a mortgage. 

But if your talking about the current "current financial and housing climate" then i would say it is actually stacked in their favor because people who lose their jobs will be able to apply for housing benefit to pay their rent (which isn't possible with a mortgage), they are protected from being evicted through the courts and even when they are not it's a long process where the landlord rarely get's the rent they are owed if they stop paying. 
If your renting and need to move to a new area to get a new job then that's far easier and cheaper than having to sell a property and buy a new one. 
So i can't see how you mean things are stacked against renters?

KatrinaWaves

My response is nothing to do with Covid, but high rents due to the boom in BTL landlords in previous years, and a fairly static market compared to recent decades. 

Like I have said multiple times, where is the harm in allowing someone to show their good history of paying rent on a credit file? We do it for cars and mobile phone contracts, why not rent? It doesn’t hurt anyone! If they don’t pay they get a bad mark, if they do then they don’t. No harm no foul. I don’t see why anyone would be so upset about it... 

liggerz87

Might want to look into credit ladder

Takmon

KatrinaWaves said:

My response is nothing to do with Covid, but high rents due to the boom in BTL landlords in previous years, and a fairly static market compared to recent decades. 

Like I have said multiple times, where is the harm in allowing someone to show their good history of paying rent on a credit file? We do it for cars and mobile phone contracts, why not rent? It doesn’t hurt anyone! If they don’t pay they get a bad mark, if they do then they don’t. No harm no foul. I don’t see why anyone would be so upset about it... 

Well when landlords carry out credit checks they are unable to see details of credit accounts and payment history so this would only be useful to renters who are looking to take a mortgage. But when taking out a mortgage the bank could if they wanted ask to see a history of rent payments on time or contact previous landlords as part of the decision making process but they don't do this, so this information isn't a factor in them offering a mortgage. 

So if other landlords can't use the information and mortgage providers don't want the information what is the point in it being collected and put onto credit files which will inevitably cost the renter money?

Information should only be collected if it's useful and not just for the sake of it. 

Andyh1987

Ive been using credit ladder for about a year now and had no issues. Every month they report it fine. The only annoying bit is every three months I have to give them access to my bank account (but that's not their rules that's the maximum it can be set to) - I can see why otherwise i might forget and a few years down the line they still have access, but its still annoying.