Council launches Rental Exchange Scheme

Winchester City Council is launching a Rental Exchange Scheme which can benefit tenants who pay their rent on time by potentially improving their credit score.

Having a good credit report and ‘online’ proof of identity is increasingly important when applying for goods and services. A good credit rating can show companies that someone is a reliable potential customer and make it quicker and easier to apply for a mortgage, arrange for better utilities tariffs, have a loan application approved, get a credit card and receive better mobile phone rates.

The new Rental Exchange Scheme will enable tenants who pay their rent on time to benefit in the same way that homeowners do with their mortgage payments by improving their credit file and ability to assess various credit facilities.

Cabinet member for housing and asset management Cllr Kelsie Learney, said:

“Most of our city council tenants pay their rent on time and we'd like to reward all those that do. This new initiative can provide a real benefit to our tenants and we hope many will sign up to the scheme.”