Housing Partners has extended its support for the Rental Exchange, a partnership between Experian and Big Issue Invest.
Inclusion of rental payment data in the Rental Exchange enables tenants with good payment records to build a stronger credit history and helps boost their credit scores in the same way that mortgage-holders currently enjoy.
Jonathan Westley, managing director of Experian’s consumer information services, said, “Our research shows that over a quarter of social housing tenants in the UK pay bills in cash rather than direct debit, generally as a result of financial exclusion and an inability to build up a good credit history. Thanks to this partnership, Housing Partners will be able to help social housing tenants to build a credit history, while also better helping landlords with their ongoing tenancy management.”
Housing Partners’ Insight service draws on Experian data to allow housing providers to predictively model rental risk. It provides up-to-date information on household composition, highlights tenants who would benefit from setting up direct debits, and identifies those who are in financial distress. It also supplies case management tools that help housing officers to support those tenants.
Simon Hollingsworth, chief operating officer, Housing Partners, commented, “We work with over 700 housing providers every day and we know just how significant the impacts of welfare reform are for them and their tenants. By working with Experian, we hope to play a part in supporting landlords and tenants, in particular those tenants who fall into financial difficulties, before it becomes too late.”