Cadwyn tenants should have received a letter with their Rent Statements about Experian Rental Exchange.
Big Issue Invest have come up with a way of using rent history so tenants can improve their credit profile. This helps to get cheaper credit and other services.
Many tenants can’t get cheaper credit because they don’t have a credit history. Firms rely on credit scores to decide whether to give customers a service. Things like mobile phone contracts, bank accounts or loans.
Rent history helps to prove reliability. Good credit history will make it easier to;
- open a bank account,
- get better gas and electricity rates, or
- get cheaper credit.
Some big Housing providers in the UK have signed up to the scheme. Their tenants are getting the benefit. Cadwyn would like our customers to share in this too.
Benefits to Cadwyn
- Joining will help tenants get cheaper credit. That helps us to work towards financial inclusion.
- There is no cost to join.
Benefits to Our Tenants
- Most tenants pay their rent on time. This should improve their credit score.
- The scheme helps improve credit ratings without having to take on any more debt.
- It builds an online proof of identity. This is important when buying gas or electricity; a mobile phone or online shopping.
- The scheme helps responsible borrowing and lending. It helps people avoid taking on too much debt.
Data Protection
Big Issue Invest and Experian have worked closely with the Information Commissioner’s Office (ICO). The ICO sees this scheme as best practice. They have been very supportive of the idea. All the data will be secure. It will not be shared with anyone else.
Consultation
The scheme is optional for tenants. It’s not compulsory. We’ll be writing to everyone soon with more details. You have the chance to opt out if you don’t want to take part.
For more information please contact John Briggs on 029 2043 4424 or email john.briggs@cadwyn.co.uk
