Are you looking for powerful and insightful data that will simplify the way you and your business make important decisions? Our data can help make processes much more efficient. We noticed there was a lack of continuity and equality between homeowners and rental tenants, so we set out to change this.
We are working with Big Issue Invest, as well as over 200 social housing providers, to populate our initiative, the Rental Exchange, with real-time data. The social housing providers we are working with represent over 1.5 million tenants, meaning that we have a wealth of data that will continue to grow.
What does this mean for you as a credit provider?
Well, our CreditExpert service is being adapted so in the future consumers will be able to access and monitor the impact of their data on their credit report. By allowing consumers to access this information, we provide a way for them to become better and more responsible tenants. We currently have over one million consumers contributing to this data across the rental sector, which is set to increase over the next 12 months.
According to statistics, there are 10 million renters in the UK and this is forecast to grow by 20% by 2025*. Used alongside credit file information, our analysis shows that the Rental Exchange will give three quarters of tenants a credit ratings boost and digital authentication will increase from 39% to 84% with the addition of rental data.
By having access to more data, it can allow you to make fair and responsible lending decisions for each individual.
Statutory Credit Reports
Rental data is now appearing on Statutory Credit Reports (available from here). Please note that the data is not currently on the following Experian services until later in the year: Credit Expert and Credit Matcher.