Rinlgley group logo
  • Home
  • Who We Are
    About Us Our People Awards Savings for Clients Results for Clients Our Impact & ESG Community & Charities Market Overview Leasehold Reform Campaign Money Back Guarantee
  • What We Do
    • Block Management
      • Block Management Overview
      • for RTM Companies
      • for Freehold Management Companies
      • for Resident Management Companies
      • for Estates of Houses
      • for Freeholder Investors
      • Ground Rent Collection
      • How to Change Agent
      • Block Management Packages
      • Can't Afford an Agent?
      • Legal work & Tribunals
      • Section 20 Major Works
      • Ringley's Top 10 Tips
      • Staff on Site
      • Moving or Buying?
      • Report an Incident
    • Asset Management
      • Asset Management Clients
      • Asset Management Overview
        • Asset Management Overview
        • Stabilised Assets
        • Project Monitoring
        • Mobilisation & Lease up
        • Accounting & Reporting
        • ESG Consultancy & Implementation
        • Brands & URLs for sale
        • UK Build to Rent
          • UK Build to Rent
          • Smart Technology
          • Strategic Marketing
          • Resident Experience
          • Tenancy Management
          • UK Later Living Opportunities
            • Later Living Opportunity
            • Smart Technology
            • Strategic Marketing
            • Resident Experience
            • Tenancy Management
            • UK Coliving
              • UK Coliving
              • Asset Managers TechStack
              • UK Student housing
                • Student Housing
                • Site Finding/Digital Land Search
              • Law
                • Legal Services Overview
                • Our People
                • Recommendations
                • Right to Manage
                • Lease Extensions
                • Freehold Purchase
                • Absentee Freeholder
                • Court Appointed Manager
                • Conveyancing
                • Service Charge/Rent Arrears Recovery
                • Company Secretary
              • Valuation
                • Valuation Overview
                • Company Accounts
                • Lease Extensions
                • Freehold Purchase
                • Rent Reviews
                • Development Valuations
                • Purchase & Mortgage
                • Insurance Valuations
                • Expert Witness & Litigation
                • Tax, Trusts & Accounts Valuations
                • Trading Business
                • Compulsory Purchase
              • Engineering
                • Engineering Overview
                • EWS1 Consultancy
                • Asbestos
                • Contract Administration
                • Fire Assesment
                • Homebuyer Survey
                • Building Survey
                • Schedules
                • Party Wall Matters
                • Principle Designer
                • Disability Access Audits
                • Small Building Works
              • Finance
                • Finance Overview
                • Get Accounts Quote
                • The Law & Property Accounts
                • Industry Update
                • To audit or Not?
            • Insights
              Property Management Articles Property Management Blogs Rental Market Blogs Customer Comments FAQ - Ask Our Experts
            • E-books
            • Portal Login
            • Get In Touch
            • Clear Filter
            • Property Blog INDEX
            • PlanetRent Blog

            Pay your rent on time - and boost your credit rating!


            Responsive image


            Do you always pay your rent on time? If so, your on-time payments could soon improve your credit rating in exactly the same way that homeowners benefit by keeping up their mortgage payments.

            The Creditworthiness Assessment Bill, which is now going through Parliament, will enshrine this in law. The Bill requires certain matters to be taken into account when assessing a borrower?s creditworthiness and once enacted ? hopefully in 2019 ? for the first time, credit providers will have to include your rental and council tax payment history when calculating your credit score. At the moment, timely rental payments aren?t necessarily reflected in people?s credit reports but ? hopefully ? this is all about to change. The Bill, which was put forward by Big Issue founder Lord Bird, has cross-party backing in the House of Commons and had its second reading in October.

            And the change won?t only work in tenants? favour ? it will be good news for landlords too. The Residential Landlords Association says 61% of landlords support the move; it believes including rent payments in your credit rating in this way will also make it easier for landlords to make a more accurate assessment of a prospective tenant?s credit and rent payment history. In turn that would make it more straightforward for people with a good credit record to find rental property quickly and easily.

            This bill is long, long overdue. With rental and/or mortgage payments being the largest and arguably most important outgoing for UK households, it has always been unfair to tenants that they have been denied the ability to have their 'rent worthiness' to be taken into account.

            Latest estimates show that around 5.4 million UK households rent, so once this legislation is enacted it stands to make a big difference to many people?s lives whether they wish to prove their credit worthiness to a prospective landlord, buy a new car or take out a bank loan. It will open up fairer access to more affordable credit to a wider pool of responsible borrowers and prevent people from falling into the high-cost-credit poverty trap.

            Your Move?s Landlord Survey, which recently polled 1,071 landlords and tenants to learn more about their portfolios, behaviours and attitudes towards tenants, agents and the lettings market, shows that landlords vote trustworthiness as the most important quality in tenants. Just over a quarter (26%) of landlords? surveyed rate tenants who pay on time as the most important consideration.

            PlanetRent created by the Ringley Group will soon be making rent worthiness data available to support tenants and landlords alike.  PlanetRent is lettings automated - for landlords who want paperless deals, advertising, landlord websites, compliance sorted, protection from fines and the whole audit trail completely taken care of.  To find out more go to PlanetRent.co.uk



            02/09/2020
            Author : Mary-Anne Bowring

            Social
            Facebook Linkedin Twitter Blogger

            Subscription

            Keep up to date

            (Weekly, fortnightly or monthly)


            To find out more what we do with your data, please read our Privacy Policy


            Insights, Blogs, Research, E-Books

            Landlord blog bg

            Landlord blog
            Read landlord blog
            Property blog bg

            Property blogs
            Read property blogs
            Articles bg

            Property articles
            Read property articles
            E book

            E-books
            Read E-books
            Facebook footer Instagram footer Linkedin footer Twitter footer
            Facebook footer
            Instagram footer
            Linkedin footer
            Twitter footer
            • Ringley Group
            • About us
            • CSR
            • ESG
            • BusyLiving
            • PlanetRent
            • Talk to us
            • Careers
            • Ask a Question
            • Insight
            • Articles
            • Blogs
            • Subscribe
            • What we do
            • Asset Management
            • Block Management
            • Facilities Management
            • Property Law
            • Surveying / Valuation
            • Building Engineering
            • Financial Services
            • Managing Agents
            • Block Management Locations
            • Co-working
            • Offices
            • London
            • Ringley House
            • 1 Castle Road
            • London
            • NW1 8PR
            • T: 0207 267 2900
            • Manchester
            • 11 Swan Street
            • Northern Quarter
            • Manchester
            • M4 5JJ
            • T: 0330 174 7777
            • Cardiff
            • 122 Bute Street
            • Cardiff Bay
            • Cardiff
            • CF10 5AE
            • T: 0330 174 7747
            • Email: solutions@ringley.co.uk
            • Emergency line 1: 0207 428 2056
            • Emergency line 2: 0207 267 2900
            • Report incident
            Privacy Policy
            Ringley Staff
            Ifsm Irpm member New iso Arla licensed Ombudsman services Rics vertical

            All content © copyright 2022. Ringley Limited. All Rights reserved. Ringley Limited, incorporated and registered in England and wales. Registered office: Ringley House, 1 Castle Road, London, NW1 8PR. Company No. 03302438
            Terms of use | Privacy policy | Modern slavery act | COVID-19 risk assessment