Mortgage Loan Payment

"That makes it imperative that you punctually reimburse the rental and periodically review the loan records to ensure everything that' s declared is correct - and if not, have it corrected." The Experian is one of three companies that store information about your previous fiscal behavior. Creditors and utilities then use this information to evaluate how likely it is that you will repay debts if you request a loan from them.

Callcredit and Equifax, the other two information providers, are considering whether to exchange rental information. Whilst lessors will begin to track rental payment from the beginning of next year, there will be no immediate effect on your ability to obtain loans elsewhere. Because the information will not be available to bankers, bausparkassen, utilities and other lessors from the onset.

What lessors will enter the rental payment? There is a good chance that only large companies will participate, so rental payment to a small lessor with one or only a few homes is unlikely to occur. Immediate approval is necessary for the rental period to appear in your loan dossier. Owners who are sharing their rental histories can also view the new tenant's loan data so they can estimate their chances of timely payment of rental.

But they will only be able to see your lease record, not your full loan record. Experian's James Jones says: "For the first in the UK, several million individuals who live in private leased property will be able to improve their creditworthiness by recording lease detail with Experian.