Preparing to apply for a mortgage can be a pivotal moment in your life. One of the key factors mortgage lenders evaluate is your history of repayments, as reflected in your credit file. That’s where Bits rental reporting can become a powerful tool in your financial toolkit.

Rental reporting is a process that can help you build your credit history by including your rental payments in your credit report. With Bits, this is how you can enable rental reporting:

1. Grant Access: Use the "Add rent" option on the home screen of the app to provide us with view-only access to your bank transactions via open banking. Rest assured, this process is secure and only allows us to see your transactions without the ability to make changes.

2. Track Payments: Select the transaction for your rental payment (this needs to be a monthly payment).

3. Report to Equifax: We then report these payments to Equifax, one of the leading credit bureaus. Over time, this builds up a history of on-time payments, showcasing your reliability.

When lenders review your mortgage application, a solid history of timely rental payments can be a strong positive signal. This history suggests that you're a responsible borrower who manages regular payments effectively.

Rental payments often represent a significant portion of one's monthly expenses and may exceed what you would pay monthly for a mortgage. Therefore, consistent rental payments are a very accurate indicator of your financial stability and ability to handle a mortgage.

Security: Using open banking, we ensure that the process is secure and your information is protected.

Convenience: Once you grant us access, we handle the rest. There's no need for you to manually report these payments.

Credit Improvement: Timely rental payments can potentially improve your credit score, as they are added to your credit history.

Mortgage Readiness: When it's time to apply for a mortgage, lenders can see a clear track record of your financial responsibility.

Ready to build your credit history with rental payments? Here’s what to do:

1. Sign up for Bits rental reporting through the Bits app.

2. Grant us view-only access to your banking transactions.

3. Continue paying your rent as you normally would.

4. Monitor your credit file over time to see the impact of your reported rental payments.

With Bits rental reporting, you're not just paying rent; you're building your financial future. Take the first step today, and move closer to your dream of homeownership.