Rent reporting platform CreditLadder has teamed up with Digital ID Connect, the UK’s largest digital identity app network, so app users can report their rental payments into the four main credit reference agencies.
Renters can now sign up to CreditLadder using any one of the Digital ID apps within the Digital ID Connect network to securely provide personal details, prove age and identity. Users then give details of their bank account, rent amount and tenancy information, enabling CreditLadder to capture and track rental payments automatically, via Open Banking. The network is built by Yoti, Post Office and Lloyds Bank.
Rent payments now appear on credit files, allowing lenders to see that on-time rent payments have been made, which can help improve a tenant’s credit score. To date, CreditLadder has reported more than £1 billion in rent payments.
John Abbott, chief commercial officer for strategic partnerships at Yoti, says the vision for Digital ID Connect is to provide faster and more secure ways for people to share their information with valued services that need identity or age verification.
Sheraz Dar, CEO at CreditLadder (pictured), adds: “At CreditLadder, our sole mission is to help UK tenants access fairer finance. By enabling Digital ID Connect users to report their rent payments we move another step closer to helping every single tenant improve their access to credit and accomplish their financial goals. With lenders in the UK factoring in rent payments when making credit decisions, including beginning to consider on-time rent payments when looking to assess mortgage applications, it’s yet another reason why reporting rental payments is so important.”