To help bring financial fairness to tenants in the UK, CreditLadder helps make their payments appear on credit files, allowing lenders to see that on-time rent payments have been made. These on-time payments can also help improve a tenant’s credit score – much like a homeowner can benefit from on-time mortgage payments.
Renters can sign up to CreditLadder using any one of the Digital ID apps within the Digital ID Connect network to securely provide personal details, prove age, and identity. Users then provide details of their bank account, rent amount, and tenancy information, enabling CreditLadder to capture and track rental payments automatically, via Open Banking.
Officials from Yoti, the company that built Digital ID Connect’s network, said that the vision for Digital ID Connect is to provide faster and more secure ways for people to share their information with valued services that need identity or age verification. They happy to be working with CreditLadder so that the tens of thousands of people installing their app each month have extended partnerships available at their fingertips.
CreditLadder’s representatives stated that their mission is to help UK tenants access fairer finance. By enabling Digital ID Connect users to report their rent payments they move another step closer to helping every single tenant improve their access to credit and accomplish their financial goals. With lenders in the UK factoring in rent payments when making credit decisions, including beginning to consider on time rent payments when looking to assess mortgage applications, it's yet another reason why reporting rental payments is important.
FCA-approved CreditLadder is a UK-based rent recognition platform that enables renters to add their payments to their credit file. Tenants have their rent payments read by CreditLadder using Open Banking enabled APIs. This allows the tenant to have their rental payments added to their credit file, and ultimately can help improve their credit score.
Digital ID Connect is a network of reusable Digital ID apps that allow businesses and people to trust who they’re connecting with. The network is built by Yoti, Post Office and Lloyds Bank to make the digital world easier and safer for everybody. Over 4 million people have downloaded the free Digital ID apps in the UK. The service is certified to ISO/IEC 27001:2013 for ID Verification Services, ISO 27701 for data privacy, and SAE 3000 (SOC 2) Type 2 certified for its technical and organisational security processes.
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