Thankfully, there are now a range of free services that allow you to record your rent payments on your credit report. This is a problem as banks and lenders will want to see if you’ve been able to keep up with credit repayments in the past, to determine if they should lend you money.Ī common complaint from people who find it hard to prove to a lender that they’ll be able to make regular mortgage payments is that they have been paying rent regularly, many for a very long time. Boost your credit scoreĪ frequent frustration for many first-time home buyers is that they may have a limited credit history. In order to share information, you have to give the third party your permission to receive your transaction data. Open banking is financial technology that enables you to share information about your banking transactions with a third party. We’ve tried out a range of apps, and we think the ones below are the most comprehensive (and user friendly): There are a wide array of free apps that automatically pull in information from your online banking accounts. Smartphones make it easier than ever to keep track of your personal finances on the go.
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