Credit Ladder

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  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    gionnetto wrote: »
    I have used them for over one year. My payments were always on time, and they are all in my statutory report. Unfortunately my bank hasn't implemented open banking yet, but whenever I've had a query they've responded fast and to my satisfaction. No idea how they make money, however - as a newcomer to the UK - my only accounts are: 1 bank account, 1 landline (which doesn't show on Experian but only on Equifax and CallCredit), Credit Improver, Cashplus Advance and Credit Ladder. I know that the credit score doesn't mean much, but I don't believe I could have jumped from 600 to 854 in one year if these companies weren't doing something good about my credit building efforts. I recently got my first credit card with a 500 GBP limit and that, too, is the result of all I've built, I believe.


    Yet I bet you could do the same if you didn't use credit ladder.
  • thenewcomer
    thenewcomer Posts: 146 Forumite
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    i used CL for my previous estate agent.
    now that I have moved to a new place and hence a new landlord, i have to set up a new application on CL. CL now asks for my bank account details, which i do not feel comfortable doing so...
    Aim to retire by 45.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
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    thenewcomer wrote: »
    i used CL for my previous estate agent.
    now that I have moved to a new place and hence a new landlord, i have to set up a new application on CL. CL now asks for my bank account details, which i do not feel comfortable doing so...

    Sort code and account number? Those aren't secret pieces of information you should guard with your life.

    The government seems to have some faith in them:
    CreditLadder has won a place in the next round of a high-profile £2 million government-backed competition to help tenants get onto the property ladder and help fix the ongoing housing crisis.

    HM Treasury has given CreditLadder £100,000 to further grow its platform and help tenants prepare for home ownership.
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,731 Forumite
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    Personally I wouldn't be comfortable with giving access to my bank account for "read only" access - I honestly can't see why they should need it. They would most likely be data scraping and then using your information in some form to make some money. I've heard mixed things about CL, and I considered them myself for a while but what turned me off was the issue about withholding rent in the event of any problems - that is a very powerful bargaining chip which you have to give up. There are other ways to build your credit as well, credit-building credit cards being the most accessible and easiest way IMO.
  • Eddy2099
    Eddy2099 Posts: 2 Newbie
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    Hi I just thought I’d give everyone a heads up on Credditladder, I’m not normally stupid enough to hand out my internet banking details, but as creditladder was endorsed by MSE I fell for it, ever since I done this someone has been trying to hack my internet banking again and again for the last couple of week or so, I strongly recommend you don’t use creditladder and never trust a site that requests your internet banking details. I was silly but definitely lesson learned 👌
  • Eddy2099
    Eddy2099 Posts: 2 Newbie
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    CL asked for my username, memorable information and my password?? Since I signed up to them someone has been trying to hack in to my account, I wouldn’t trust them
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    OK.
    No need for the double posts.

    Change your online banking details ASAP
  • Friday1989
    Friday1989 Posts: 147 Forumite
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    PRAISETHESUN wrote: »
    Personally I wouldn't be comfortable with giving access to my bank account for "read only" access - I honestly can't see why they should need it. They would most likely be data scraping and then using your information in some form to make some money.

    They need read only access if you send your rent direct to your landlord so they can see you are actually making the payments on time. I still send my money to them rather than giving them read access to my bank account.

    I've been using credit ladder for almost two years. I have no idea if it makes any difference but it doesn't cost me anything.
    Mortgage at 30: £204,750  (08/2020)
    Current mortgage: £154,369 (02/2024)
    Goal: £145,000 by 02/2025
    End goal: Mortgage free asap! 
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Eddy2099 wrote: »
    CL asked for my username, memorable information and my password?? Since I signed up to them someone has been trying to hack in to my account, I wouldn’t trust them

    Surely if someone had all that (which I would NEVER supply to anyone) they wouldn't need to "try" to hack in they'd have drained it clean and gone ?
    How do you know that someone is "trying" BTW ?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Credit Ladder is no longer needed now Experian have the Rental Exchange
This discussion has been closed.
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