LONDON—Moneyhub, a financial data, intelligence and payments platform, said it has launched a new “Rent Recognition” feature the company said will drive financial inclusion by offering consumers a “newer, simpler and fairer way of building up their credit score.”
“Until now, renters have not been able to easily prove they have made regular payments to landlords,” the company said. “This information demonstrates they can be trusted to meet financial commitments on time and can help to improve the credit score of young people or anyone with a patchy or non-existent credit history.”
According to the company, the new Moneyhub feature makes it simple to send anonymized details of rent payments to credit reference agencies. While data can now be submitted to credit reference agencies directly, FinExstra reported Moneyhub’s Rent Recognition has the key advantage of only sharing the minimum amount of relevant data that will positively contribute to users’ credit score - minimizing the data shared to protect privacy.
Summary Also Introduced
Moneyhub said it has also introduced a new Regular Recurring Transactions summary, which builds upon its Spending Analysis feature and shows details of scheduled payments. The extra visibility granted by the update will help users reduce cash leakage and control their finances to work towards goals such as paying off debts or saving for a mortgage deposit, the company explained.