Rent recognition platform CreditLadde has announced a partnership with Monzo or Starling Bank which enables customers to improve their credit history when paying their rent. CreditLadder have used the Open Banking compliant API which went live earlier this year following their integration with TrueLayer.
These two challenger banks join the existing high street banks through which tenants can pay their rent and enable CreditLadder to read their rent payment. CreditLadder then passes on a tenant’s rent payment records to Experian each month who then add it to the tenant’s credit history. An improved credit history can help tenants access finance including mortgages, loans and even mobile phone contracts – often at better rates.
The existing banks include Barclays, HSBC, Lloyds, Halifax, NatWest, RBS, Santander, Nationwide, The Co-Operative, First Direct and TSB.
CreditLadder CEO Sheraz Dar said .“This is the latest development in what is an incredibly fast-moving market prompted by both consumer demand for help getting on the property ladder and a government that needs to help solve the housing crisis.” We wanted to ensure that as many people as possibly can access more affordable credit and by adding Monzo and Starling Bank to our list through our partnership with TrueLayer, we’re bringing this a step nearer.”
CreditLadder recently won through to the next round of HMRC’s Rent Recognition Challenge and records more rent payment data than any other platform. CreditLadder received £100,000 to further grow its business and help tenants prepare for homeownership.