Startup of the Week - CreditLadder
by Startacus Admin
Tenants take note! We take a look at CreditLadder, the FinTech / PropTech startup which rewards tenants with improved credit for on-time rent payments...
If you’re a property owner, you’ll know only too well the impact that the payments on your mortgage will have on your credit rating. However if you’re a tenant it’s an entirely different matter. Whilst you may pay your landlord on time each and every month, it is very unlikely to have any impact on your overall credit score - no matter how extortionate or high your monthly rent may be. Help is now at hand however thanks to our latest startup of the week.
CreditLadder is a FinTech / PropTech startup which aims to be “the UK’s leading rent reporting service”.
Here’s how it works. If you are a tenant, simply register for the service by connecting up the bank account from where you pay your monthly rent. Your rental payments will then be verified each month and this info will be reported to Experian. The aim? To help build and improve your overall credit rating and thereby also enable you to access better finance deals and rates.
If you are a landlord (provided you aren’t operating as a company), you can also encourage your tenants to sign up to CreditLadder and you’ll benefit (as they will) from them paying their rent on time. CreditLadder also offer a service where they can provide text and email reminders to tenants as well as the option to collect the rent on your behalf.
Letting agents can also gain from the CreditLadder service since it can enable them to identify good potential tenants who are committed to paying their rent on time.
It’s a win win for all then!
Like all good startups, CreditLadder have identified a significant problem and come up with a very effective solution.
We reckon that this is a startup that is certainly worth watching...
If you like the sound of this startup, you might want to read up on:
Inadash wants to make property rental easy
Dozens - the fintech app embracing savings not debt
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Published on: 6th February 2019
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