UK-based digital banking platform Starling Bank announced on Monday it has formed a partnership CreditLadder, a UK-based rent recognition platform, in a move that will help thousands of Starling customers improve their credit score and get on to the property ladder.
“CreditLadder will enable Starling customers to use their monthly rental payments to help build their credit history. By proving to lenders and credit reference agencies that they can pay their rent both reliably and on time, those using the service could gain access to better rates on a range of financial products – such as mortgages, loans, credit cards and mobile phones.”
Speaking about the partnership, Anne Boden, Founder and CEO of Starling Bank, stated:
“Our Marketplace is designed to help customers make the most of their finances. CreditLadder shares this vision and is giving people a much-needed advantage in today’s tough property and credit climate.”
Sheraz Dar, CEO of CreditLadder, also commented:
“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. We want to see every tenant in the UK report their rent and see the benefits it can bring – this is a great step in realising that ambition.”
CreditLadder is the latest partner to join Starling’s in-app Marketplace, which launched in February 2018, harnessing Open Banking to offer customers direct access to a range of financial services and products securely on their phone.