Reporting your rent through CreditLadder can help improve your credit score and credit history, but why is this important, and why should all tenants use the service?
The UK has 3 main credit reference agencies. Companies, such as banks, mobile phone operators and credit card companies will look at credit scores to help decide whether they will lend to you, or let you take out a service with them. This is described as your creditworthiness.
By reporting your rent payments through CreditLadder, you can improve your creditworthiness meaning you could access financial products, and access these at a better rate than you might if you weren't reporting your rent payments.
You can sign up to report to one credit reference agency of choice (Experian, Equifax or TransUnion) for free. Or, report to all three (Experian, Equifax, TransUnion) for the equivalent of only £5/month and receive maximum benefit.