Just under 40 per cent of people in the UK are renting, with this figure rising to 50 per cent in certain parts of the country. To ensure tenants are paying their rent on time, CreditLadder, the rent reporting platform and SME Professional, the property software solution for letting and sales industries, are partnering so letting agents can offer Rent Reporting to tenants.
By integrating CreditLadder ‘Connect’ into SME Professional, all letting agents on the platform can make Rent Reporting compulsory for every new tenancy agreement. They will also be able to offer Rent Reporting to their existing tenant base.
Fraser Sutherland, managing director SME Professional
Fraser Sutherland, managing director SME Professional said: “We are excited to be partnering with CreditLadder to provide our clients’ tenants with the option to report their rent to credit referencing agencies and help improve their credit score. Rent Reporting not only benefits tenants by helping them access fairer finance but has been shown to improve on-time rental payments to landlords. We look forward to our continued partnership with the UK’s first and biggest rent recognition platform.”
Tenants will benefit from an improvement in their credit history and credit score when their rent payments are reported to the UKs leading credit reference agencies. Importantly however, it will also encourage on-time payments as missed rental payments can also be added to their credit files.
Sheraz Dar, CEO at CreditLadder
Sheraz Dar, CEO at CreditLadder, said: “At CreditLadder, we are committed to helping tenants improve their credit position and this is yet another way we will bring Rent Reporting to more and more tenants. We are also keen to encourage on time payments and therefore our ‘Connect’ solution helps all parties.”
Partnership in action
Stuart Williams, director of two Northwood branches
Agents have already seen the benefits of the integration. One example can be seen in Northwood. Stuart Williams, director of two Northwood branches, said: “I have always felt it is unfair that tenants do not get credit for making their rent payments.
“On the flip side, rent arrears are becoming an ever-increasing burden but we’ve noticed that all of our tenants on CreditLadder pay their rent on time, every time, which makes us and our landlords much happier. Their solution promotes good behaviour and it’s something we can now build into all new tenancy agreements for the first time.”
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