Equifax UK has announced a partnership with credit building app, Bits, in a move that will allow customers to report their monthly rental payments on their credit files and improve their credit scores.

The collaboration intends to provide tenants with access to some of the same benefits enjoyed by those with mortgages – which have historically been included in credit files.

The Bits app was launched in 2019 by founder, Faisal Khalid, who arrived to the UK from the US in 2012. The latest Bits product is the rent-reporting service which has been launched in partnership with Equifax.

By registering monthly rent payments on their credit file, any of the UK’s 13 million tenants could now boost their Equifax credit score by using the the app, meaning that lenders will have sight of regular payments and a more complete view of their financial status.

Khalid commented: “When I arrived in the UK, I couldn’t believe it. Banks treated me like I didn’t exist. I had a job, and I had years and years of credit history in the US. But as far as they were concerned, none of that mattered. I felt trapped. My lack of credit score was impacting my life, but how was I meant to build up my credit history if I couldn’t even open a bank account?

“The service we’re launching today, with Equifax, will help people who find themselves in the situation I was in, and offer them a solution. It’s understandable that lenders want to know you’re responsible with money, but it shouldn’t be so difficult to prove it."

Equifax UK data director, Janice Rudd, added: “We believe in financial inclusion and finding ways to help credit providers lend with greater confidence so that people across the UK can get access to the credit that they need. At its most basic level, people should be able to access suitable credit that takes account of their ability to pay it back.

“The more data we have, the more complete the picture we can share with lenders. I’m pleased that with today’s announcement we’re now able to help more of our customers share a more complete picture of their financial history and build stronger credit scores.”

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