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50 Top Tips For Tenants, From Dealing With Ll Harassment To Insurance

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A little taster...

08 Rent payments scheduled to start going on credit files

In March 2012 it was announced rent payments could appear on your Experian credit file by the end of that year, though this has been delayed. This means whether you're on time or late paying rent, it could start to affect your ability to get credit.

The potentially positive impact is that consistently punctual rent payments will appear, boosting your credit history. Here's the key info we know so far...

You won't be linked to flatmates. Originally Experian planned to financially link flatmates who had a shared tenancy agreement. However, after pressure from MSE and our forum users, it changed its plan. See more in the MSE News story.

Who will this apply to? This won't be automatically in all contracts. Landlords must insert it. It's believed many 'amateur' landlords are unlikely to do it, certainly to begin with. For now, it'll only apply to private rentals.

Why is Experian doing this? It will open up a new income stream for the credit reference agency, as soon landlords will be able to pay to search credit files before deciding to rent out a property to someone.

Who can see what? Rent payments will soon sit on your credit file, in a separate section to mortgage, loan or credit card history. Landlords will be able to see rent-paying history to judge potential tenants, but not the rest.

Some landlords already check a list of those who often miss payments, but this will be the first full-scale sharing of rent payment data. Banks and other lenders will be able to see your complete history. See the MSE News story for full details.

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I expect they'll be keen to persuade mortgage lenders to consult that database to take a view on who is likely to be a good or bad prospect.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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