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Yes, consumers are engaging with Open Banking: CreditLadder reaches £100m rent reporting milestone

  • Rental payments in excess of £100m have been reported to Experian via the CreditLadder platform using Open Banking tech.
  • The volume of rent being reported by CreditLadder has been increasing as more tenants realise the importance of building their credit histories prior to becoming homeowners.

It is just over 18 months since Open Banking went live in the UK and despite many services and apps being launched, the anniversary was marred by claims that the initiative has so far failed to engage consumers.

But CreditLadder believes its success in persuading thousands of tenants to use Open Banking to report their rent payments through its platform is proof that consumers will engage with tech, if a need is fulfilled.

The proof? This month CreditLadder reached the £100 million milestone in rent reported to Experian via its platform.

Launched to help stimulate competition between banks of different sizes and also tech innovation in the fintech sector, Open Banking is making progress overall. Every month there are more than 49 million Open Banking data sharing requests made via services like CreditLadder, according to the Open Banking Implementation Entity (OBIE).

“Data from the OBIE shows that the number of people making API requests has doubled over the past seven months, proof that people are embracing a new wave of apps and services to help manage their money or share bank account transaction data, “ says Lisa Fretwell, Managing Director of Data Services at Experian.

CreditLadder has seen the levels of rent being recorded accelerate in recent months as thousands of tenants have joined the platform – all seeking to help improve their access to finance by demonstrating their ability to pay their rent on time.

FCA-regulated CreditLadder enables rent reporting with over 95% coverage of UK bank accounts (CreditLadder). It also has a strong focus on customer service and is the No.1 most trusted service within the credit sector with over 500 five-star reviews.

Sheraz Dar CEO of CreditLadder.co.uk, says: “We believe that this extraordinary milestone for CreditLadder is proof that rent reporting is rapidly becoming an essential part of many tenant’s strategies when looking to access finance and planning to get on the property ladder. We’ve helped our users get on to the ladder which is a great testimony to the work we’ve been doing.”

“We have also been encouraged HM Treasury’s recent announcement that it wants to work further to push the rent recognition agenda.”

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About CreditLadder

FCA approved CreditLadder is the UK’s first and biggest rent recognition platform that enables renters to add their payments to their credit history.

Tenants have their rent payments read by CreditLadder using Open Banking enabled APIs. This allows the tenant to have their rental payments added to their credit file, and ultimately help improve their credit score.

CreditLadder works with leading credit reference agency Experian. Last year it was a final stage winner of both the HM Treasury’s Rent Recognition Challenge, winning a £600,000 grant, and became one of 20 companies chosen from nearly 100 applicants to join the HM Treasury-supported Tech Nation programme.

CEO Sheraz Dar has worked at and invested in many of the UK’s leading digital businesses including PrimeLocation, Quidco and OpenRent; the latter being the UK’s biggest letting agent by volume.