CreditLadder has reached the £100m milestone in rent reported to Experian via its platform.
The rent recognition platform said its success in persuading tenants to use Open Banking to report their rent payments is proof that consumers will engage with tech, if a need is fulfilled.
Lisa Fretwell, managing director of Data Services at Experian, said: “Data from the OBIE shows that the number of people making API requests has doubled over the past seven months, proof that people are embracing a new wave of apps and services to help manage their money or share bank account transaction data.”
Sheraz Dar, chief executive of CreditLadder, said: “We believe that this extraordinary milestone for CreditLadder is proof that rent reporting is rapidly becoming an essential part of many tenant’s strategies when looking to access finance and planning to get on the property ladder.
“We’ve helped our users get on to the ladder which is a great testimony to the work we’ve been doing.”
“We have also been encouraged HM Treasury’s recent announcement that it wants to work further to push the rent recognition agenda.”
Every month there are more than 49 million Open Banking data sharing requests made via services like CreditLadder, according to the Open Banking Implementation Entity (OBIE).