Experian Rental Exchange

Many social housing tenants find it difficult to access financial services such as affordable loans, bank accounts and credit cards. Often this is because not enough information is held on their credit file. A credit file is a personal history of the credit an individual has had.

 Different organisations use this information to decide whether to give you access to their services. Not having a credit score means that people often get worse rates and can end up paying more for things like electricity and loans.

 We believe our tenants should get recognition for paying their rent, the same way people who pay their mortgage do. So we’re working with Big Issue Invest and Credit Reference Agency Experian to bring you a new scheme, the Rental Exchange.

 The scheme involves us sharing your rental payment history with Experian, to help create you an online proof of identity, this will prove you are who you say you are and live where you say you live. Proving this makes you a more reliable potential customer to companies.

 What are the benefits to you?

• The scheme allows tenants with little or no credit history, to build a credit score.

Being able to prove your identity and show a track record of paying your rent will open up new channels and services, giving fairer access to services such as: bank accounts, credit cards, loans, online shopping and better gas and electricity rates.

 What do I need to you?

• You don’t need to do anything. We will share your tenancy information with Experian, including your track record for paying your rent and service charges to us.

By sharing this information it may be easier for you to apply for credit or bank accounts in the future. We understand that in some circumstances there may be rent arrears. Where this is the case we will work with you to address it. Paying your rent on time could help you to access cheaper products and services in the future.

How do I find out what is on my credit file?

For more information visit The Money Advice Service and search ‘how to check your credit report.’

In summary

Sharing your tenancy record through the Rental Exchange scheme allows us to work with you more closely to manage your existing tenancy agreement, and enables Experian to assist other landlords and organisations to:

• Assess and manage any new tenancy agreements you may enter into
• Assess how strong your financial standing is for suitable products and services
• Manage any accounts that you may already hold, for example reviewing suitable products or adjusting your current product in light of your current circumstances
• Contact you in relation to any accounts you may have and recovering debts that you may owe
• Verify your identity and address to help them make decisions about services they offer
• Help prevent crime, fraud and money laundering

 Please note that the information received by us will include the names of any occupants over the age of 17 associated with your property.

Both Shropshire Towns and Rural Housing and Experian will make sure that your information is treated in accordance with the Data Protection Act, so you can have peace of mind that it will be kept secure and confidential. It will only be made available to a company or organisation with your permission and if your tenancy information is relevant or where it is strictly necessary for them to check information about your tenancy.

 Are you happy to be included in the Rental Exchange?