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Rental payment to be incorporated into Experian credit information.
The credit bureau Experian has indicated that it will include information on lease payment in its credit report in a new scheme entitled Mietbörse. Creditors will now be able to monitor your lease payment in a similar way as they can see if home owners have kept up with their mortgages on a regular basis.
As Experian has said, the lease market is conceived in such a way that renters can unsubscribe at any time if they wish, so if you are a renter, it is a choice that you can make based on how often you make your lease payment. Delayed payment, even if it is minor, e.g. a few business days, can have a significant impact on your work.
It' gonna be on your credit report for up to seven years. This new information has now been provided by over 150 public sector accommodation companies, municipalities and leasing agencies and will be available in the credit report for over 1 year. Renters who rent with a large lessor or lessor can ask them to register at the Rentörse.
If you are a residential renter, you can report the information yourself through CreditLadder and Canopy as well. Experian's CEO Clive Lawson said: "The addition of rent information to credit statements would help billions of individuals verify their identities so they can tap into on-line service and majorstream financing. We are already working with a number of creditors who want to use rent information to help them understand a person's finances so that they can make better choices in terms of credit ratings.
We have also given an overview of how you can make a good business if you apply for a poor credit mortgages.