The Rental Exchange
Get recognised for paying your rent on time.
Shoreline, Big Issue Invest (BII) and Experian have partnered to tackle the financial, digital and social exclusion challenges faced by many social housing tenants in the UK.
We believe that social tenants should get recognition for paying their rent, the same way people who pay their mortgage do. So we’ve teamed up with Big Issue Invest and Experian to bring you an exciting new scheme - The Rental Exchange.
This scheme involves us sharing tenant’s rental payment history 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.
Many social housing tenants find it difficult to access financial services such as affordable loans, bank accounts and credit cards. They are more likely to be declined or pay a higher price for credit and other basic goods and services. Often this is because not enough information is held on their ‘credit file’.
A ‘credit file’ or ‘score’ is a personal history of the credit you have had. This can help you access a range of goods and services online, including getting better deals on mobile phones, TV, broadband packages and car insurance. Having a good credit history also helps to provide proof of your identity and where you live and have lived before.
Not having a credit score means that you may get worse rates for services and can end up paying more for things like electricity and loans.
How is my credit file used?
In summary, sharing your tenancy record through the Rental Exchange Scheme not only allows us to work with you more closely to manage your existing tenancy agreement, but will also enable Experian to use the information supplied to them in the future to assist other landlords and organisations to:
- assess and manage any new tenancy agreements you may enter into
- assess how strong your financial standing is for suitable products and services
- manage any accounts that you may already hold, for example reviewing suitable products or adjusting your current product in light of your current circumstances
- contact you in relation to any other accounts you may have and recovering debts that you may owe
- verify your identity and address to help them make decisions about services they offer
- help prevent crime, fraud and any money laundering
We, and Experian, will make sure that your information is treating in accordance with the Data Protection Act so you can have peace of mind that it will be kept secure and confidential and your information will not be used for marketing purposes.
What should I do if I do not want to be included?
If you are a Shoreline tenant and do not want us to share your tenancy information with Experian, please let us know. You can opt out by completing this form, when doing so you will have to quote your unique reference number found at the top of the letter sent to you.
Please note that if you are joint tenants you should both agree your preference together given you have a joint responsibility under your tenancy agreement for your rent.
Where can I find out more information?
For more details about The Rental Exchange you can visit the Experian website, call Experian on 0115 941 0888 or you can:
- view our frequenty asked questions
- view The Rental Exchange video
- view information on how your data will be used here
- view Experian's information on credit here
- view further information from the Information Commissioner's Office on 'Credit' and 'Credit explained' which gives guidance on how processing is undertaken by credit agencies.
- Gain independent and impartial advice on how to improve your credit history here and also Citizen's Advice Bureau advice can be found here
How can I view my credit report?
A statutory credit report is available which shows your credit history. It contains public and private information recorded in your name and is available to authorised lenders that carry out credit checks. You can obtain a copy from Experian or from other credit agencies like Noddle, Callcredit and Equifax. Please note that the Experian report is the only one where your rent payments will contribute to your credit score, because they are the only agency we are sharing this information with.