Hey guys,
I am thrilled to announce that starting today our customers will be able to report their rent payments to Experian in order to improve their credit position!
We understand how important it is to build a strong credit history and one of the key factors that can help improve your credit position is demonstrating a consistent history of paying rent on time.
What is Rent Reporting?
Rent reporting is a tool that can help you improve your credit position without taking out a credit card or loan. Rent is one of the biggest monthly expenses for most people and to be able to use this recurring payment as a way to help build credit is a fantastic way to improve your financial position.
By demonstrating that you are paying your rent on time each month you may be able to improve your credit position which will be helpful to obtain better interest rates on loans, and access the best credit cards, housing, and insurance.
How does it work?
With this new feature, you can now have your rent payments reported to Experian, one of the UK’s leading credit reference agencies.
To get started, simply:
- Open the app
- Scroll to the bottom of the feed
- Go to the “Improve your credit history” section
- Tap on “start reporting”
From there, you can identify your rent payments and we will begin reporting your rent payments each month.
Who can use this?
To be eligible for rent reporting you must be making direct rent payments to your landlord or letting agent in order to be reported to Experian.
If your rent payments are being made to a flatmate or another third party you will not be eligible for rent reporting. Additionally, you must have been residing in your current rental for a minimum of 6 months to be eligible for rent reporting.
This feature will be included for Plus, Pro, and Ultimate subscriptions.
What if I am late on a rent payment?
Rent Reporting has no downsides as it will do no harm to your credit position!
If you are ever late on a rent payment it is simply not reported. You will face no consequences to your credit for any late payments (except maybe to your landlord).
We are committed to helping our customers improve their financial well-being, and we believe that rent reporting is an important step in that journey.
If you have any questions about this new feature or any other aspect of Emma, join the discussion. 