TransUnion has partnered with rent reporting platform, CreditLadder, to incorporate UK tenants’ rental payments into their credit information.

Rental payment history of any individual using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of creditworthiness.

Anyone renting can sign up to the service by providing details of their bank account, rent amount and tenancy details, enabling CreditLadder to capture and track rental payments automatically, through open banking.

Mortgage payments are already visible within credit information so by including rental data, the credit reference agency said it aims to help lenders make more informed assessments about affordability.

TransUnion managing director of consumer interactive, Kelli Fielding, commented: “We want to empower consumers to take control of their credit information to help them access the finance they need.

“By helping to ensure that those that are not on the property ladder can benefit from the reporting of their rental payment behaviour, renters can strengthen their credit score and, in turn, access to finance, so we’re delighted to be partnering with CreditLadder to support UK consumers in this way.”

CreditLadder CEO, Sheraz Dar, added: “Our sole mission is to help UK tenants access fairer finance. Working with TransUnion we are achieving this by helping to innovate the credit reporting process.

“Having a strong credit report and score can help tenants improve their access to credit and accomplish their financial goals, whether for everyday living or for bigger ticket items like buying their own home or going on holiday.”

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