Shining A Spotlight on Financial Inclusion: CreditLadder
Blogs on 14th July 2019
Sheraz Dar, CEO of CreditLadder
How does your business help financial inclusion in fifty words?
We ensure a tenant’s on time rent payment counts towards building their credit profile – just like homeowners can with their mortgage payments. We believe its incredibly unfair that a tenant’s biggest expense does not help them access finance, or finance at better rates.
What’s the biggest opportunity for FinTechs trying to improve financial inclusion?
Credit scores continue to pay a huge role in consumers ability to access affordable credit. Between 10 and 12 million people in the UK, the vast majority who are tenants, are classified as ‘non lendable’ by mainstream lenders due to having little credit history, adverse credit or due to other factors such as inconsistent income. CreditLadder can help provide data that should allow lenders to lend!
And the biggest challenge?
Evolution of how lending decisions are made is urgently required to ensure a significant portion, over 50% of 24-35 year olds for example, are treated fairly when it comes to financial inclusion.