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Graham Awards


Rent payments adding to creditworthiness: more progress announced

The Rent Recognition Challenge, an initiative to use technology to help share renters' payment histories with lenders and credit reference agencies, has made further progress.

The first £600,000 of £2m allocated by government to the project was split equally between six start-ups - RentalStep, CreditLadder, Bud, Canopy, FirstHomecoach and Movem.

Now the start-ups have been whittled down to three which will each use the remaining £1.4m share of funding towards further developing the apps. 


Credit Ladder allows tenants to report their rent payments, giving prospective buyers the chance to apply for a mortgage with a good credit rating.

Bud, a similar system, is designed to integrate into existing mobile banking apps.

Thirdly there is RentalStep, a landlord-tenant matching platform, which allows landlords to purchase a tenancy management service through the platform and rental payments to be tracked and reported. 

“The monthly rent is often the biggest expense that people face. Yet most lenders are unable to take it into account when working up a credit score. Three pioneering apps have found a solution, and we’re giving them the investment and support they need to help Britain’s 11m renters achieve their dream of owning a home” explains John Glen, economic secretary to the Treasury.

Ultimately the government wants the end product to support a scheme - reported on by Letting Agent Today extensively - where tenants’ rent payments are counted towards their credit scores.

  • Asa Bentley

    Very proud of what the team have achieved at CreditLadder. So much effort and passion goes into what we do.

    This is about establishing a new normal for rental payments. Allowing tenants access to finance and to give them a helping hand onto the property ladder. Something which as a collective we are very passionate about.

    We have lots more exciting news to come this year. If any letting agents would like to help their tenants to report their rent and improve your arrears contact me on asa@creditladder.co.uk. 🚀 🏡

    Asa Bentley
    Operations Director

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    Will letting agents be involved in validating the tenants information? If not the system is open to misinformation and inaccuracies. This is a welcomed idea, but not without transparency and the facility to expose serial non payers

    Asa Bentley

    All information is validated objectively via the reading of the tenant's bank account. We work with agents to deliver this solution seamlessly into their existing process.

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    How can a tenant report this, this should be reported by the receiving party. Then any lateness or non payment can accurately be recorded. As for the option to get a management agreement no thanks as an agent I manage my clients, as a landlord I manage my properties so that option is a non starter for me so my tenants now have limited options. They need to sort this out, it is a good idea that needs to be implemented properly

  • Asa Bentley

    The tenant registers their tenancy information which is validated with you as the landlord. The rent is then objectively read and verified from the tenant's bank account. Any arrears are confirmed with you and reported as such should that be the case.

    We find that tenants paying through CreditLadder typically have low arrears. We have seen an average of 0.5% arrears vs the 10% national average. If you would like to get your tenants onboard via a simple introduction method then please do get in touch, asa@creditladder.co.uk


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