WHICH MEANS YOU GET RECOGNISED FOR PAYING YOUR RENT ON TIME!
Each month your tenancy payment information will be shared through the Big Issue Invest and Experian Rental Exchange, which will enable you to build and improve your credit report.
In the same way homeowners are recognised for paying their mortgages each month, your rent payment information will be included on your credit report. This means that rent payments made on time will now enhance your credit report.
How will I benefit?
Housing tenants sometimes struggle to open a bank account, get affordable loans, or secure a mortgage to buy their own home because they don’t have a credit score or online proof of who they are and where they live. This can also stop you getting the best deals on things like gas and electricity, mobile phones, white goods, TV and broadband packages, and furniture.
Being part of the Rental Exchange scheme will enable you to build a positive credit history and ‘online’ proof of identity, making you a more reliable potential customer to companies.
As well as strengthening your credit report, sharing details of your rent payments will also help organisations quickly check your identity online.
If there are rent arrears we can still work with you, and paying your rent on time could help you access cheaper goods and services in the future.
Most people improve their credit score by taking out a loan or using a credit card. However the Rental Exchange enables you to improve your credit report without having to take on any additional debt.
Will the data be shared with third parties for marketing purposes?
No, we will not share any personal data with any third parties for marketing purposes. You can be confident that your information will be kept secure and confidential.
The Rental Exchange has been developed with advice from regulators and consumer groups and fully complies with all relevant laws, including the Data Protection Act.
Don’t worry – lenders and landlords need your consent to access your credit report.
Can I be excluded from the scheme?
We believe all tenants can benefit from being in the scheme so intend to auto-enrol everyone. However, if you would prefer not to be included and do not want us to share your tenancy and payment information, you can opt out by completing the form below or writing to us at: Town & Country Housing Group, Unit 4b Denne Hill Business Centre, Womenswold, Canterbury, CT4 6ED by no later than Friday 26 May 2017.
You can get free advice on debt and apply for a free copy of your Experian credit report from the following Citizens Advice Bureau. Otherwise you can get a copy of your Statutory Credit Report for a charge of £2 by visiting Experian.co.uk.