Rental exchange

Peabody is part of the Rental Exchange, a scheme run by Experian and the Big Issue to help social housing residents improve their credit score through their regular rent payments.

Rental exchange-s
Have you ever been turned down for credit? Struggled to get a loan or a credit card? You might have a poor credit rating or a thin credit history.

Every adult in the UK, including you, has a credit history which is used by credit agencies like Experian to calculate their credit score.

Credit scores are important when it comes to being granted good deals on financial services such as mortgages, credit cards and loans.

The higher your credit score, the better the deal you’re likely to get; plus, you’re less likely to get refused credit. The reason for this is simple: if you have a high credit score it means you’re good at paying your bills on time and paying back loans.

Credit agencies work out your credit score by tracking your payments and borrowings, from mortgages to utility bill payments.

However, if you’re a social housing tenant, the rent you pay every month to your landlord isn’t tracked, meaning your credit history is thin which lowers your credit score and makes it more likely you’ll be refused credit.

That’s where the Rental Exchange comes in. We’ll be sharing resident’s rent history with Experian to help you build your credit rating, and have a more accurate credit score.

How will this benefit you?

  • You may find it easier to get a bank account, credit card or loan and be charged less interest
  • You may pay less for gas, electricity, broadband, insurance and a mobile phone
  • Organisations will be able to use your credit history to quickly and easily check your ID

What do you need to do?

If you’re a Peabody resident and you’re happy with us sharing your rent history with Experian, then you don’t have to do anything – just keep paying your rent on time and watch your credit score increase.

If you’re a former Family Mosaic resident, you may already be signed up to the Rental Exchange - in that case you don’t have to do anything unless you want to be removed.

If you’d prefer we didn’t share your rent history, you can opt out by contacting us.