Direct debit and credit history

almanak

If I set up direct debit for my rent payments will that build my credit history?

Yahoo_Mail

almanak said:

If I set up direct debit for my rent payments will that build my credit history?

No.

cymruchris

Only if your landlord participates in one of those schemes I've seen for reporting rent to credit reference agencies. I'm not sure the impact of such a scheme - but I imagine that a constant on time payment over a period of a year or more might help your history file look vaguely more attractive to a potential lender if you're in a position of having little or no history. If you have credit cards, mobile phone contracts and any other positive history on your file, as well as being on the electoral roll, I can't see it making a big difference. I gather the schemes are also not free - so if you did ask your landlord to do it, you'd likely have to pay more. 

SnowTiger

There's also Credit Ladder, who will report rent payments to Experian or Equifax free.  They charge £8 a month (or £60 a year) if you want payments reported to both CRAs.

https://www.creditladder.co.uk/

bradders1983

Paying money to get stuff reported to a credit file, absolutely beyond bonkers.

almanak

bradders1983 said:

Paying money to get stuff reported to a credit file, absolutely beyond bonkers.

yeah pretty strange

almanak

SnowTiger said:

There's also Credit Ladder, who will report rent payments to Experian or Equifax free.  They charge £8 a month (or £60 a year) if you want payments reported to both CRAs.

https://www.creditladder.co.uk/

are there any minuses about this free report with them you are aware of?

DingerUK

There is also https://www.canopy.rent/ which reports to Experian. It’s free to use.

Yahoo_Mail

DingerUK said:

There is also https://www.canopy.rent/ which reports to Experian. It’s free to use.

Although letting people mine your banking data is a cost many would rather not pay.

DCFC79

bradders1983 said:

Paying money to get stuff reported to a credit file, absolutely beyond bonkers.

Quite bonkers indeed.