Big Issue Invest (the social investment arm of The Big Issue Group), in partnership with Experian, has developed The Rental Exchange to tackle the financial, digital and social exclusion challenges faced by rental tenants in the UK compared to homeowners. By observing rental payment data in the same way we view mortgage payment data, we can unlock a range of benefits for tenants, housing providers and credit providers.
The Rental Exchange incorporates a tenant's payment history in their credit file in a secure and compliant way, with no cost to either the housing provider or tenant.
It will help tenants to:
Create an ‘online’ proof of identity - increasingly important when applying for goods or services
Build a positive credit history to help increase access to mainstream credit
It will help social housing providers to:
Support financial inclusion, helping tenants to access affordable credit and services
Provide steady long-term social housing leases based on a proven track history
It will help credit providers to:
Make fair and accurate decisions when evaluating new and existing customers
Offer services to help a wider group of consumers
It will help private landlord and letting agents to:
Encourage on-time rental payments from tenants
Offer your tenants a facility to build their credit file