The Rental Exchange
Gwalia is signing up to THE RENTAL EXCHANGE
With little or no credit history, millions of rental tenants have been excluded from mainstream financial services and affordable credit, or have paid a premium for access.
Because of this, rental tenants in the UK face financial, digital and social exclusion compared to homeowners.
The Rental Exchange provides a route for rental payments evidence to be incorporated into credit reports. This can unlock a range of benefits for tenants, housing providers and credit providers.
Rental Exchange adds a tenant's payment history to their credit file in a way that is secure, compliant and free. It allows tenants, Gwalia and credit providers to work together to make sure tenants get credit for paying rent on time.
The Rental Exchange will help tenants to:
* Create an online proof of identity - increasingly important when applying for goods or services.
* Build a positive credit history to help increase access to mainstream credit.
The Rental Exchange will help Gwalia to:
* Support financial inclusion, helping tenants to access affordable credit and services.
* Provide steady long-term tenancies based on proven track history.
The Rental Exchange will help credit providers to:
* Make fair and accurate decisions when evaluating new and existing customers.
* Offer services to help a wider group of consumers.
How will this happen?
* Gwalia can provide your rental payment record to Experian on a regular basis.
* You will then be recognised for paying your rent on time.
How will you benefit?
* Your rental payment history will help you to have an online proof of identity, confirming who you are and where you live.
* This makes you a more reliable potential customer to companies.
A higher credit score means it may become easier for you to:
* Open a bank account
* Get a new credit card
* Have a loan application approved
* Shop online
* Receive better mobile phone rates
* Qualify to pay for gas/electricity via a non-prepay tariff
If you would like further information about The Rental Exchange, contact us on 0800 012 1080.