Experian launch new rent payment check service for private landlords

23 March 2012 Categories: News

Experian launch new rent payment check service for private landlords

The credit check experts, Experian, have announced the launch of a new service aimed at helping private landlords assess the rent payment potential of new tenants. The scheme will allow landlords to share a tenant’s rent payment history through their credit file so that future landlords and other credit providers can see whether an individual is reliable when it comes to payments.

Experian estimate the scheme will take around 12 months to perfect however thousands of landlords are already signing up. Tenancy agreements will of course need to be altered to allow for the data sharing that the rent payment check service will require.

Landlords aren’t the only ones that are in line to benefit from the new scheme though, as tenants will be able to improve their credit scores with regular, on-time rent payments.

Managing Director of Experian Credit Services in the UK and Ireland, Paul Vescovi, commented on the mutual benefits the scheme will provide “With several million people living in privately rented accommodation, a significant percentage of the population could be missing out on mainstream, low-cost credit because lenders do not currently have a comprehensive picture of their financial track record. The rental exchange will strengthen people’s credit histories, helping them to access a wider range of credit deals.”