Tue 04 Dec 2018
Who are Experian?
Experian are a consumer credit reporting agency. They can provide you with a credit score, between 0 and 999, which represents the risk that lenders take when you borrow money from them. A high number is good, as it means that you are considered likely to pay back your loans, and therefore more likely to be accepted when you apply for one.
How do I build up a credit score by renting?
Normally – you can’t! However, Thorgills’ partnership with Experian, which is unique in West London, allows you as a tenant to build up a credit score simply by paying your rent on time.
Experian records that you have paid rent in a timely manner, and lenders will be able to view this information when considering offering you a loan. Renting through Thorgills will therefore help you build up a good credit score.
What do I need a credit score for?
Lenders take your credit score into account when you apply for a loan or a mortgage. An excellent credit score will not only mean that you are more likely to be accepted for a loan, it also means that you are likely to be offered the best rates by lenders.
Simply by renting through Thorgills and paying rent on time, you can help yourself get a mortgage to buy a home in the future!
I’m a landlord - why does this benefit me?
Firstly, our partnership with Experian attracts reliable professional tenants to register with us. These people are often thinking about buying a property of their own in future, so in the present are financially stable and good at managing their money.
Having professional tenants means that your property will be well looked-after. Tenants who are thinking about their credit score tend to be more considerate of the property they are living in, ensuring that they get a strong landlord reference at their end of the tenancy.
The opportunity to build up a credit score while renting also incentivises tenants to pay their rent in a timely manner each month. You as a landlord will therefore be able to rely on regular rental income from conscientious professional tenants in your property.
For more information, contact your local Thorgills lettings team today.