Award winning estate and letting agents Galley Properties will be helping private tenants to strengthen their credit histories with a new initiative from Experian.
The Doncaster agent has become the first in the North East, so far, to provide this service and many in the sector see this as positive step forward for tenants. The new initiative is set to provide a welcome boost to the credit histories of hundreds of tenants who rent property through Galley Properties.
The initiative has been launched by global information and credit score provider Experian in partnership with the Big Issue Invest. The Rental Exchange will help private tenants strengthen their credit histories by recording their rental payments. The Rental Exchange will help readdress the balance and give renters recognition in a similar way to people with a mortgage.
Many private renters have aspirations of purchasing property and this new initiative could help them when they come to rent or buy property in the future. Vicky McNab, Head of Rental Exchange at Experian, said: “A strong credit history helps people to access mainstream financial services, from bank accounts, credit cards, personal loans and mortgages, to mobile phone and utilities contracts. In the past, building a good credit rating has been easier for homeowners than for tenants, because mortgage payments are factored in. The Rental Exchange will help level the playing field for tenants.”
Galley Properties has always aimed to provide great customer service and working with this new scheme is a great way to help give tenants fairer opportunities for more affordable lending and online deals and services. Teresa Galley, director of Galley Properties, says: “We are pleased to team up with Experian to introduce the Rental Exchange service for our customers. Experian is a reputable household name and we are working hard to provide this initiative to our customers in partnership with them. We see this as a great way for our tenants to strengthen their credit histories simply by paying their rent on time. Renters have historically been at a disadvantage to home owners when it comes to credit scoring which is unfair, especially for the great tenants we have who pay on time each and every month. This new initiative is a great way to support all of our tenants and we hope it makes a positive difference to them.”
As well as helping to strengthen credit histories, The Rental Exchange also supports the more successful electronic verification of a tenant’s identity should they search and apply for financial services online.
Chantal Perkin, chief lettings negotiator explains: “We have always taken pride in the great tenants we find for our landlords. It is a pleasure to work with so many of them and the vast majority never miss a payment. As well as all the benefits this initiative is going to provide for tenants our landlords will also benefit. Our partnership with Experian on the Rental Exchange provides confidence and peace of mind that the best quality tenants will be attracted to renting a landlords property through us. There is also an extra incentive for tenants to keep on top of their payments as they seek to build up their credit score. This could potentially lead to even lower rent arrears and help keep each property rental running smoothly. Our lettings team see this as a win-win situation for both tenants and landlords.”
If you are a tenant who wants to build your credit score by renting a property through us, or a landlord who wants to learn more about how this initiative can benefit you why not give our team a call on 01302570470.
Galley Properties are a multi award winning agency, and was announced the current ‘Yorkshire and Humber Agent of the Year’ at the latest Negotiator Awards, so you can be confident that we will go above and beyond for you. Becoming the first agent in the North East to champion this great initiative is just one example of how we do more to continually improve our services for all our customers. We look forward to hearing from you and discussing how we can help you.
For further information about the Rental Exchange please visit: www.experian.co.uk/rental-exchange