OmniLedger has developed a new Pyramid interface for Experian’s Rental Exchange portal. This will help tenants to strengthen their credit ratings using rent payments, in the same way that mortgage payments help homeowners with their credit ratings.
By building up their credit rating, lenders and service providers are more likely to approve or provide better rates to tenants when applying for loans, opening bank accounts or purchasing goods on credit.
Dave Bull, head of tenancy services at Bristol Community Housing Foundation and United Housing Association (the United Communities partnership), said, “This partnership should help tenants build up a good credit history and improve their financial situation. We strongly believe that tenants’ rent payment history should be used in the same way as homeowners who have an advantage of using their mortgage payment history to count towards their credit score. OmniLedger’s involvement has been critical to the development of the reporting tools.”
Joanna Leckie, housing services team manager, Rockingham Forest Housing Association, said, “We are excited about the opportunities provided by our partnership with Experian. We strongly believe that Rental Exchange levels the playing field for our tenants by treating rent payments as contributing to a credit history. Sharing our data in this way opens the door to mainstream borrowing and discounted services that would otherwise have been closed to a large proportion of our tenants.”