So would this work with the following?
Monzo Joint Accounts
Housing Association Tennants
Back Dated Payments Impemented yet?
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For me this proposition has always sounded terrible. If you accidentally miss your rent payment for whatever reason, then you’ll be harming your credit file for 6 years.
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We find the majority of our users set up a standing order and therefore automate the management of this. Ensuring cleared funds thereafter.
I suppose for people who literally have no credit or even a bank account or phone contract - I could see some potential use. I personally still don’t agree with it and wouldn’t do this.
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I’ve been using CreditLadder for over a year. My rent is always paid on time by standing order, as per my tenancy contract which I agreed upon before moving in. I have two bank accounts, credit cards & other forms of credit. I’m using CreditLadder because it tells future lenders that I always paid the rent on time and how much, so I get recognised for my payment like those on a mortgage do.
If it’s not for you, then that’s fine. I would say that if anyone signs a tenancy contract and then misses a payment, they probably shouldn’t be renting. The same applies to if they can’t manage monthly payments on other types of finance. I get that there are unique individual circumstances, but if you miss a rental payment, you’re likely already in trouble and the credit reporting would likely be the least of your worries.
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I am interested in signing up for and using Creditladder as it seems like a win win really. However, my rent comes from a joint account on Monzo so keen to understand if this is supported?
Hi! See here - https://help.creditladder.co.uk/your-account/living-with-a-partner-joint-account-what-do-we-do
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Thank you for the swift advice, looks like I will need to wait until joint accounts are supported! Look forward to this.
thanks!
Awww shoot. I was just about to get signed up!
Thanks for your patience! Have a great day.
From my communications directly with Asa, you can still sign up using a JA but only one person will currently/ever be reported to the CRA’s as per link above
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Do you now support Smile bank?
We have 95% market coverage based on the largest account holdings per bank. We support core Co-Op accounts just not Smile. We are seeing users switching to Monzo to pay rent as that’s readily supported. (Disclaimer - CreditLadder has no commercial relationship with Monzo). Sorry that we cannot be of more help with your specific query at this time.
@asakb Hi. Has there been any progress on adding “Mx” to your list of titles on the signup form?
Hi Peter, thank you for your considered comments. We are looking into this and will come to you very shortly. Kind regards, Asa
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Hi Peter,
Sorry for the late reply. We have now released “Mx” as a title.
We also have some great news. We have launched a partnership with Nationwide to get tenants a mortgage on their first home.
Kind regards,
Asa
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I’m not happy with CreditLadder at all TBH.
The payment reference against my account has changed without any explanation whatsoever, so the payment that I made a week ago isn’t being registered by CreditLadder. The rent’s due tomorrow - I raised a support case last week, but they only got back to me today.
So far, they’ve managed to change the reference to another, also incorrect payment reference (29 characters long, which isn’t even a valid BACS reference).
I haven’t received any explanation as to why the reference changed. I suppose I’ll be raising a case with the financial ombudsman tomorrow, because I’m currently in the market for my first property and this could do a lot of damage to my credit score.
@asakb any input regarding my previous comment? I’d like to get this resolved asap
Hi Harry,
We can confirm that we do not change the bank reference that you pay with through Monzo. This is completely in your control.
Where we do make an adjustment is if the payment reference that you provide to us is different from what the bank sends to us. We need the details on our CreditLadder account to match that we receive from the bank to ensure automatic reading and reporting.
We have made an adjustment in your case as the last two rent payments that we have read have a consistent reference different to that which you provided to us on registration. But not to worry this will automatically match and be reported as paid, on time.
If there is anything else that I can help you with please let me know. You can reach me directly on asa@creditladder.co.uk.
Kind regards,
Asa
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Just got an email that CreditLadder is crowdfunding:
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