{"id":40497,"date":"2025-11-03T02:41:05","date_gmt":"2025-11-03T02:41:05","guid":{"rendered":"https:\/\/eduzim.co.zw\/news\/?p=40497"},"modified":"2025-11-03T02:41:05","modified_gmt":"2025-11-03T02:41:05","slug":"c8jrw8e1w0loat_mediumrssat_campaignrss","status":"publish","type":"post","link":"https:\/\/eduzim.co.zw\/news\/2025\/11\/03\/c8jrw8e1w0loat_mediumrssat_campaignrss\/","title":{"rendered":"Credit scores to include rental payments for first time"},"content":{"rendered":"<p> <script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-component=\"text-block\">\n<p class=\"sc-9a00e533-0 eZyhnA\">Rental payments will be reflected in credit scores, one of the UK&#8217;s main credit agencies has said. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Experian said it was overhauling its scoring system to better reflect &#8220;more of the everyday financial behaviours that matter&#8221; which included things &#8220;like paying rent or reducing overdraft use&#8221;. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The new system will see the maximum credit score someone can have go from 999 to 1250, and will also give more guidance on how borrowers can improve their creditworthiness. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Names of Experian&#8217;s different scoring bands have also been overhauled, with the categories &#8220;poor&#8221; and &#8220;very poor&#8221; eliminated, as well as the use of the colour red.  <\/p>\n<\/div>\n<div data-component=\"text-block\">\n<p class=\"sc-9a00e533-0 eZyhnA\">The bands will now be named Excellent, Very Good, Good, Fair and Low. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">For customers in the low band, instructions are given on how they can increase their score. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">A spokesperson for Experian said tenants would have to opt in for their rent payments to count. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">&#8220;As with other data we&#8217;ll soon be including in the updated score, this reflects that more lenders are now factoring in a positive rent history in their decisions,&#8221; they said. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">&#8220;Great news for renters who are paying on time, every month.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">They added that missing rent payments would have an adverse affect on someone&#8217;s credit score. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Credit scores are used as a broad indicator of a borrower&#8217;s ability to pay back a loan. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">A low credit score can make it more difficult to take out a mortgage, get a loan, or enter into a hire purchase agreement on a car. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Other behaviours the new system is taking into account are cutting overdraft use, avoiding credit card advances and making mortgage overpayments. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">It will also take a more detailed look at regular payments on mobile phone contracts and how often a customer may switch provider.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Experian stressed the changes would not impact on someone&#8217;s ability to get credit, while eligibility for mortgages, loans or credit cards remains unchanged.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The new scoring system will begin being rolled out this month, with a view to making it available to all customers by the end of the year, and will be available on the free version of Experian&#8217;s service. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">In the UK, there are three credit ratings agencies, the other two being TransUnion and Equifax &#8211; and Monday&#8217;s announcement makes no different to how they score credit. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The changes also mean that borrowers are likely to change the credit bands they are in. <\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The new system means 44% of customers are likely to drop down a score banding after the changes, 42% are likely to move up a banding, while 14% will see their score band remain the same.<\/p>\n<\/div>\n<p><script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n#Credit #scores #include #rental #payments #time<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rental payments will be reflected in credit scores, one of the UK&#8217;s main credit agencies has said. Experian said it&hellip;<\/p>\n","protected":false},"author":1,"featured_media":40498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-40497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mzansi"],"_links":{"self":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/40497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/comments?post=40497"}],"version-history":[{"count":1,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/40497\/revisions"}],"predecessor-version":[{"id":40499,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/40497\/revisions\/40499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media\/40498"}],"wp:attachment":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media?parent=40497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/categories?post=40497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/tags?post=40497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}