{"id":372,"date":"2025-05-16T08:12:00","date_gmt":"2025-05-16T08:12:00","guid":{"rendered":"https:\/\/originalholdum.com\/?p=372"},"modified":"2025-05-16T15:43:47","modified_gmt":"2025-05-16T15:43:47","slug":"the-unusual-way-you-can-build-your-credit-score-as-a-renter-and-make-your-money-work-harder","status":"publish","type":"post","link":"https:\/\/originalholdum.com\/index.php\/2025\/05\/16\/the-unusual-way-you-can-build-your-credit-score-as-a-renter-and-make-your-money-work-harder\/","title":{"rendered":"The \u2018unusual\u2019 way you can build your credit score as a renter \u2014 and make your money work harder"},"content":{"rendered":"<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img decoding=\"async\" width=\"646\" height=\"431\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"article-image wp-image-23087944 lazyload\" alt=\"Close-up of hand over of house key in new home.\" loading=\"lazy\" data-src=\"https:\/\/originalholdum.com\/wp-content\/uploads\/2025\/05\/GettyImages-1803981776.jpg\">\t<\/div><figcaption>It\u2019s possible to build your credit score while renting (Picture: Getty Images)<\/figcaption><\/figure>\n<div class=\"metro-article-audio-player\" data-vars-type=\"article-audio-player\">\n<div class=\"metro-article-audio-player-play-row\">\n\t\t\t\t<button class=\"metro-article-audio-player-play-button\"><br \/>\n\t\t\t\t\t<title>Listen to article<\/title>\t\t\t\t\t<span>Listen to article<\/span><br \/>\n\t\t\t\t<\/button><\/p>\n<div class=\"img-container\"><img decoding=\"async\" class=\"sponsor-image lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"Powered by\" data-rewritten=\"false\" data-src=\"https:\/\/metro.co.uk\/wp-content\/themes\/metro\/includes\/site-blocks\/article-audio\/assets\/powered-by.png\"><\/div>\n<\/p><\/div>\n<div class=\"audio-controls hidden\">\n\t\t\t\t<audio class=\"audio-element\" src=\"https:\/\/metro.co.uk\/wp-content\/uploads\/2025\/05\/ElevenLabs_2025-05-16T08_10_27_Axell-British-YouTube-Personality-_pvc_sp100_s50_sb75_se30_b_m2-6bc6.mp3\" controls id=\"audio-68275c1d9e5bb\">\t\t\t<\/p>\n<p>\t\t\t\t\tYour browser does not support the audio element.<br \/>\n\t\t\t\t<\/audio>\n\t\t\t<\/div>\n<\/p><\/div>\n<p>For Generation Rent, giving pretty much half your <a href=\"https:\/\/metro.co.uk\/2025\/05\/14\/wealthy-differently-money-can-23082995\/\" data-type=\"post\" data-id=\"23082995\" target=\"_blank\" rel=\"noreferrer noopener\">monthly wages <\/a>to your <a href=\"https:\/\/metro.co.uk\/2025\/04\/02\/painted-beige-rental-technicolour-cost-800-put-right-22824376\/\" data-type=\"post\" data-id=\"22824376\" target=\"_blank\" rel=\"noreferrer noopener\">landlord <\/a>is a sad fact of life \u2013 and it can sometimes feel like all you\u2019re doing is paying off their <a data-track=\"inline-tag-auto-link_article\" href=\"https:\/\/metro.co.uk\/tag\/mortgages\/\">mortgage<\/a>.<\/p>\n<p>If you do happen to <a href=\"https:\/\/metro.co.uk\/2025\/04\/22\/first-time-buyers-explain-got-property-ladder-22908088\/\" data-type=\"post\" data-id=\"22908088\" target=\"_blank\" rel=\"noreferrer noopener\">own a home<\/a>, keeping up with payments helps you build your credit score. But while renting doesn\u2019t automatically impact your file, there\u2019s a little-known route for tenants to get the same benefit. <\/p>\n<p>As rent reporting communicates each payment to credit agencies, it means you\u2019re getting more mileage out of your money in the process. Better still, it\u2019s quick and easy to set up.<\/p>\n<p>Services like <a href=\"https:\/\/www.creditladder.co.uk\/tenants\">CreditLadder<\/a> and <a href=\"https:\/\/www.canopy.rent\/canopygrow\/renttracking\">Canopy<\/a> give tenants the option to register, with each payment reported directly to agencies including Experian, Equifax, TransUnion, and Crediva.<\/p>\n<p>All you need to do is give consent to link your bank account, pay your rent as you normally would, et voil\u00e0 \u2013 your credit score will thank you for it (after six to eight weeks, that is).<\/p>\n<p>\u2018It feels unusual that rent, a regular payment of high value, doesn\u2019t count towards building your credit score,\u2019 Jo Allsop, director of lenders and finance expert at Zuto, tells <strong>Metro<\/strong>. \u2018However, there are ways to make it work harder.\u2019<\/p>\n<p>According to Jo, rent reporting is \u2018particularly beneficial if you\u2019re not using traditional forms of credit\u2019 \u2013 like credit cards or, indeed, a mortgage repayment plan.<\/p>\n<p>And although you don\u2019t need your landlord or letting agent\u2019s permission to sign up, they may already be reporting your payments through a separate scheme, so it\u2019s worth checking \u2013 or even having an open conversation with them \u2013 to see if they would consider taking part.<\/p>\n<h2 class=\"wp-block-heading\"><strong>What\u2019s a good credit score?<\/strong><\/h2>\n<p>Checking your credit score can be nerve-wracking, and data from Zuto finds that 55% of Brits are worried about doing it.<\/p>\n<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img decoding=\"async\" width=\"646\" height=\"431\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"article-image wp-image-23087825 lazyload\" alt=\"Credit Score Rating Improving\" loading=\"lazy\" data-src=\"https:\/\/originalholdum.com\/wp-content\/uploads\/2025\/05\/GettyImages-1406738168.jpg\">\t<\/div><figcaption>When it comes to credit scores, the \u2018higher the better\u2019 is best (Picture: Getty Images)<\/figcaption><\/figure>\n<p>First thing\u2019s first, you\u2019re probably wondering what counts as a \u2018good\u2019 credit score. But here\u2019s where it gets confusing, because different credit agencies use different bands.<\/p>\n<p>As Jo explains, the \u2018general rule of thumb\u2019 is \u2018the higher, the better.\u2019 <\/p>\n<p>While Equifax ranks a good credit score between 531 and 810, Experian considers it to be between 881 and 960, and TransUnion 604 to 627.<\/p>\n<h2 class=\"wp-block-heading\"><strong>The benefits of rent reporting<\/strong><\/h2>\n<p>Rent reporting doesn\u2019t just help your credit score \u2013 it can also help with mortgage applications, should you find yourself in a position to buy in the future.<\/p>\n<p>\u2018Lenders use credit scores to assess financial responsibility, and a history of timely rent payments can strengthen your mortgage application by proving your commitment to meeting monthly housing payments,\u2019 the <a href=\"https:\/\/www.hamptons.co.uk\/articles\/does-paying-rent-count-towards-my-credit-score#\/\">Hamptons website<\/a> explains.<\/p>\n<p>\u2018This is particularly valuable for first-time buyers who may lack other substantial credit history.\u2019<\/p>\n<div class=\"factbox\" data-ico=\"factbox_article\" data-track-module=\"factbox_article\">\n<h2 class=\"factbox-title\">\n\t\t\t\tWhich banks are included in the CreditLadder rent reporting scheme?\t\t\t<\/h2>\n<div class=\"factbox-content\">\n<ul class=\"wp-block-list\">\n<li>Bank of Scotland<\/li>\n<li>Barclays<\/li>\n<li>Chelsea Building Society<\/li>\n<li>Chase<\/li>\n<li>Danske Bank<\/li>\n<li>First Direct<\/li>\n<li>Halifax<\/li>\n<li>HSBC<\/li>\n<li>Lloyds Bank<\/li>\n<li>MBNA<\/li>\n<li>Monzo<\/li>\n<li>Nationwide<\/li>\n<li>NatWest<\/li>\n<li>Revolut<\/li>\n<li>Royal Bank of Scotland<\/li>\n<li>Santander<\/li>\n<li>Starling Bank<\/li>\n<li>Tesco Bank<\/li>\n<li>Tide<\/li>\n<li>TSB<\/li>\n<li>Ulster Bank<\/li>\n<li>Virgin Money<\/li>\n<li>Wise<\/li>\n<li>Yorkshire Building Society.<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<p>Plus, it helps to give a more detailed picture of your finances \u2013 incorporating your relationship with housing specifically into your report.<\/p>\n<p>\u2018Your credit profile should ideally reflect all aspects of your financial behaviour,\u2019 Hamptons adds, noting that lenders tend to prefer a \u2018well-rounded\u2019 view of your financial habits.<\/p>\n<p>However, it\u2019s worth noting that even when rent payments are reported, not all agencies use this information directly as part of their scoring models.<\/p>\n<p>While the rental history might physically appear on the report, it might not always be as important as other traditional contributors, like paying off a loan or a credit card on time.<\/p>\n<p class=\"\"><strong>Do you have a story to share?<\/strong><\/p>\n<p class=\"\"><strong>Get in touch by emailing <a href=\"mailto:MetroLifestyleTeam@Metro.co.uk\">MetroLifestyleTeam@Metro.co.uk<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s possible to build your credit score while renting (Picture: Getty Images) Listen to article Listen to article Your browser does not support the audio element. For Generation Rent, giving pretty much half your monthly wages to your landlord is a sad fact of life \u2013 and it can sometimes feel like all you\u2019re doing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[20],"tags":[],"_links":{"self":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts\/372"}],"collection":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/comments?post=372"}],"version-history":[{"count":3,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts\/372\/revisions"}],"predecessor-version":[{"id":377,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts\/372\/revisions\/377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/media\/374"}],"wp:attachment":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/media?parent=372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/categories?post=372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/tags?post=372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}