Solihull Community Housing 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, Solihull Community Housing will be able to assist in strengthening the credit histories of over 10,000 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.
An initial survey of its tenants revealed that a majority was already keen to have their rent payment history included in their credit reports to help improve their credit scores. This was particularly true for the younger generations (76 per cent of 18-45 year-olds).
Chris Deery, head of ICT, Solihull Community Housing, said, “As well as often having to make do with the more expensive credit options, so many housing tenants struggle to access a range of basic services, such as opening a bank account or taking out insurance, simply because organisations cannot identify them electronically.
“The majority of our tenants pay their rent regularly and on time, and there is currently no recognition for paying this major commitment. We wanted to make sure our tenants were given the credit they deserve for fulfilling this commitment every month.”
