Your credit rating
Credit where it's due! Experian – The Rental Exchange
Those that rent properties sometimes struggle to get affordable loans, a mortgage and credit cards or to open bank accounts; often this is because they do not have a credit history. If you want to buy something on credit, then it helps considerably if you have a good credit history (a track record of paying off credit agreements). Companies use credit history to assess your creditworthiness before making a lending decision.
Having a good credit history also helps to provide proof of your identity, and where you live and have lived before. This can help you access a range of goods and services online, including getting the best deals on mobile phones, TV and broadband packages and car insurance.
What is rental exchange?
Emh have teamed up with Experian to take part in The Rental Exchange. The Rental Exchange is a way to strengthen your credit report without you needing to take on new credit. The scheme enables us to share details about the rent you pay with Experian on a monthly basis. This is then included in your credit report, meaning you will then be recognised for paying your rent on time.
Not only will we be able to work with you more closely to manage your existing tenancy agreement, your track record as a tenant will enable Experian to use the information supplied to them to assist other landlords and organisations to:
- assess and manage any new tenancy agreements you may enter into;
- assess your financial standing to provide you with suitable products and services;
- manage any accounts that you may already hold, for example reviewing suitable products
or adjusting your product in light of your current circumstances; - contact you in relation to any accounts you may have and recovering debts that you may
owe; - verifying your identity, age and address, to help other organisations make decisions about
the services they offer; - help to prevent crime, fraud and money laundering;
- screen marketing offers to make sure they are appropriate to your circumstances;
- for Experian to undertake statistical analysis, analytics and profiling, and for Experian to conduct system and product testing and database processing activities, such as data loading, data matching and data linkage.
If you would like to see more information on these, and to understand how the credit reference agencies each use and share rental data as bureau data (including the legitimate interests each pursues) please see the Credit Reference Agency Information Notice (CRAIN).
What are we going to do?
We will continue to exchange information about you with Experian while you have a relationship with us. We will also inform Experian when your tenancy has ended and if you have outstanding rental arrears ,Experian will record this outstanding debt. Experian will hold your rental data for the time limits explained in CRAIN (section 7). Rental data falls into the Identifiers (e.g. your name, address, date of birth) and financial account categories (i.e. tenancy account, rental payment information). We and Experian will ensure that your information is treated in accordance with UK data protection law, so you can have peace of mind that it will be kept secure and confidential and your information will not be used for prospect marketing purposes.
If you would like advice on how to improve your credit history you can access independent and impartial advice from the Money Advice Service. You can get a copy of your Statutory Credit Report here.
If you are unhappy with anything relating to Rental Exchange, please contact us on the contact details above. You also have the ability to get in touch with the Information Commissioner’s Office.
If you have any questions, please contact us at dataprotection@emh.co.uk