Starling Bank and CreditLadder to make life easier for first-time buyers

Image of a score gauge point to excellent

Mobile-only bank, Starling, have teamed up with CreditLadder to let you use your monthly rent payments to help build up your credit score.

The service will send reports of your rent payments directly to Experian, in the hope that by providing proof of a regular outgoing payment, you will be rewarded with a better credit score and an increased chance of being accepted for your first mortgage.

What is CreditLadder?

CreditLadder is a service which allows your monthly rent payments to be reported on your credit score.

For more information on CreditLadder and how it can help you to get a mortgage, read Bobatoo’s guide here.

Starling and CreditLadder logos

How does Starling’s partnership with CreditLadder work?

Starling’s partnership with CreditLadder will provide information on your rent payments to Experian automatically, which could eventually improve your Experian credit score. Just make sure that your rent is set up as a standing order, with the full amount being paid to your landlord on a regular basis.

To connect your Starling account to CreditLadder, visit the ‘marketplace’ section of your Starling banking app. From here, you can browse the various partners that Starling work with – filter the category to ‘credit scores’ and select CreditLadder.

From here, you will be prompted to sign up to the service by providing them with specific information about your property, your landlord and yourself.

You do not require permission from your landlord to access the service, but they will be contacted in order to verify the specifics – once the process is complete, your payments will appear on your Experian credit report every month.

What has been said?

Founder and CEO of Starling Bank, Anne Boden, has said that CreditLadder “is giving people a much-needed advantage in today’s tough property and credit climate”.

Sheraz Dar, CEO of CreditLadder says that “being added to Starling Bank’s Marketplace is a major milestone for us and a huge opportunity to help Starling Bank’s customers improve their credit position for free, should they wish to do so.”

What if I don’t bank with Starling?

You could still use CreditLadder if you do not bank with Starling. However, you will have to sign up to the service on the CreditLadder website to do so.

Alternatively, you can setup a Starling bank account in a matter of minutes, transferring all of your funds and regular payments across from your existing bank account in a quick and easy manner thanks to the Current Account Switch Service.

What is a good credit score in the UK?

Credit scores are calculated differently by each individual credit reference agency. To find out more about credit scores, what makes a good credit score and how you can get a loan with bad credit, visit Bobatoo’s page here.

Related articles:

CreditLadder: What is it and how can it boost your credit rating?

How do mortgages work?

Credit report and score FAQs

Ways to increase your credit score in the UK