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What is Rent Reporting, and how could it benefit me?

Kieran Witt, 25 July 2023

Credit reports

What’s this article about?

Kotini has teamed up with CreditLadder to explain the benefits of rent reporting. Discover how it works and the positive impact it could have on your credit report 💁‍♀️

What is Rent Reporting?

Rent Reporting is when your rental payments are shared with credit reference agencies (CRAs), ensuring your rent paid information appears on your credit report.

How important are credit reference agencies?

The UK has four main CRAs: Experian, Equifax, TransUnion and Crediva. The CRAs will hold information that's used to decide your credit score, and companies use this information to help determine whether they can offer you credit - this could be anything from a loan or credit card to a mobile phone contract.

The background to Rent Reporting.

Historically rent payments never counted towards building a tenant's credit history and credit score, although if you were lucky enough to own a house, the mortgage payments being made did help improve your credit position!

CreditLadder felt this was unfair and set about building a company that would allow tenants to report their rent payments and help them build up their credit position. CreditLadder has helped over 100,000 tenants report their rent payments and is the first and only way to report your rent payments to all four of the main CRAs in the UK.

Why you should report your rent payments

You could improve your credit score by reporting your rent payments - usually your biggest expense. The better your credit score, the more likely you'll be able to access credit and get it at a better rate. It can also help you during any mortgage application, as a prospective lender can see your rent payments on your credit report.

The service from CreditLadder

CreditLadder launched in 2017 and, since then, has helped renters report over £800m in rent payments. Renters can report their rent to one CRA for free, or to all four CRAs for either £8/month or £60/year. With a 5* rating on Trustpilot, CreditLadder's customer service team also ensure any questions you might have are answered quickly.

The importance of being on the Electoral Roll (and on a bill)

As well as reporting your rent payments, it's essential to make sure you appear on the electoral roll for the property you live in. One of the main things the CRAs need to be able to do is 'pin' someone to a home address. Ensuring you appear on the electoral roll will mean you have a home address associated with your credit files. The same applies to making sure your name appears on a bill associated with the home you're renting.

Is rent reporting for me?

Whilst it isn't compulsory to report your rent payments, ensuring your payments appear on your credit report is a great way to help improve your credit score. A better score will help you borrow money, get a credit agreement approved, or move closer to home ownership.