Starling Bank Makes Rent Count
Starling Bank has partnered with CreditLadder , UK’s largest rent recognition platform, to help customers improve their credit score and get on to the property ladder.
CreditLadder will enable Starling customers to use their monthly rental payments to help build their credit history. By proving to lenders and credit reference agencies that they can pay their rent both reliably and on time, those using the service could gain access to better rates on a range of financial products – such as mortgages, loans, credit cards and mobile phones.
Launched in 2016, CreditLadder has so far read rents totaling over £75 million. The platform, a member of the government-backed Tech Nation initiative, recently won approval from the Financial Conduct Authority to grow its suite of services. Last year, it was awarded £600,000 from HM Treasury to help develop its tech, business development and product.
Starling already has existing partnerships with pension provider PensionBee, digital investing services Wealthsimple and Wealthify, mortgage broker Habito, insurance provider Churchill Insurance and loyalty partner Flux.
“Being added to Starling Bank’s Marketplace is a major milestone for us and a huge opportunity to help Starling Bank’s customers improve their credit position for free, should they wish to do so. We want to see every tenant in the UK report their rent and see the benefits it can bring – this is a great step in realising that ambition.” – Sheraz Dar, CEO of CreditLadder.co.uk.