More than five million people in the UK have a financial history so thin that credit agencies regard them as “invisible”, according to a study from Experian.
Without a credit history, you may find you are unable to access a range of financial products such as loans or mortgages and may have to pay more for phone contracts or utility bills.
In the mission to improve financial inclusion and wellness, Moneyhub has launched two features to help you build and maintain a healthy credit score.
Build: Rent Recognition
You can now share details of your recurring rent payment with credit agency Experian, using Rent Recognition. Sharing this information shows that you can make regular payments on time and will help build your credit score.
To get started, head to Planning, select Rent Recognition and follow the onscreen steps.
Your income and expenditure will not be shared with credit reference agencies.
Maintain: Regular Payments
Credit agencies such as Experian, do not have a full picture of someone’s financial situation and so rely heavily on “negative events” such as missed bills or payments.
The Regular Payments feature will help you to avoid these “negative events” by displaying all of your historical and upcoming recurring payments, across multiple time periods and connected accounts. Moneyhub will now let you know when a regular payment is due and alert you if you are at risk of going overdrawn.
You can view your Regular Payments within the My Money section of the app.
For more information about Experian and your credit score, check out their FAQ page.
Got a question about Rent Recognition or Regular Payments? Get in touch with our friendly support team who will be happy to help: support@moneyhub.com