Stonewater joins the Rental Exchange
Stonewater has signed up to sharing information on its tenants’ rental payments with the Rental Exchange, a partnership between Experian and Big Issue Invest.
By sharing information on how its tenants pay their rent, Stonewater will be able to assist in strengthening the credit histories of over 23,000 tenants, helping them gain access to more affordable credit. It will also enable tenants to prove their identity online to help them, for example, access current accounts and insurance.
Susan Thompson, housing manager at Stonewater, said, “We believe there should be a level-playing field for tenants when it comes to getting a fair deal on credit. This new scheme to share information about tenants rent payments will mean that tenants who pay their rent regularly and on time can build up a good credit history. This will make it easier for tenants to open or change bank accounts, shop online, receive better gas and electricity rates, or obtain cheaper credit.”
Benefits to our tenants
The majority of tenants pay their rent on time so this information could enhance their credit score and help them to access more affordable mainstream credit/services. If a tenant is unable to pay their rent, it is unlikely they are suitable for a loan or other payment agreement, therefore the Rental Exchange supports responsible borrowing and lending and helps people avoid becoming over-indebted. The scheme will enable tenants to build an ‘online’ proof of identity - increasingly important when applying for a utility supplier, a mobile phone provider or when online shopping.
Find out more about the Rental Exchange partnership.