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 rent reporting can become a powerful tool in your financial toolkit.

Rent reporting allows your rental payments to be included in your credit file, so that they are visible to lenders who may review your credit history. With Bits, you can enable rental reporting in the following way:

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 report the rent payments we identify to Equifax, one of the major credit reference agencies. This adds a record of your rental payments to your credit file.

When lenders review your mortgage application, a solid history of timely rental payments can be a strong positive signal. This history may be taken to suggest 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 Reporting: By adding your rent payments to your credit history, you can show a track record of paying on time — something lenders may take into account when assessing credit applications.

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

Want your rental payments to appear on your credit file? Here’s how to get set up:

1. Sign up for Bits rent 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 rent reporting, your rental payments can be shown on your credit file. This provides additional information that lenders may take into account when reviewing applications. Each lender uses its own criteria, and no specific outcome is guaranteed.