A PropTech company has won approval from the Financial Conduct Authority to go ahead with a scheme which offers tenants a ‘dashboard’ to help them monitor payments.
CreditLadder can now organise and request rental payments on behalf of tenants from their bank to their landlord’s or agent’s account as an approved Payment Initiation Service.
Also, it can now offer personal financial information ‘dashboards’ to its customers as an approved Account Information Service provider. It can additionally combine this with the ability to improve a tenant's credit score by counting their rental record into the score.
The chief executive of CreditLadder, Sheraz Dar, says: “Winning FCA approval is a huge step forward because it significantly widens the range of services we can offer tenants and underlines to them as well as commercial partners and investors the integrity of our platform.”
CreditLadder is the UK’s first and biggest rent recognition platform that enables renters to add their payments to their credit history. Tenants have their rent payments read by the platform using Open Banking, which allows them to have their rental payment track record added to their credit file.