Equifax UK and ClearScore have expanded their 10-year partnership through a new initiative to integrate rental payment data directly into Equifax credit files.

The initiative aims to help improve access to credit for tenants and supports renters who have little to no traditional borrowing history.

Through the ClearScore app, renters will be able to securely connect their bank account via open banking to verify ongoing rental payments, free of charge.

The monthly transaction file will integrate rental payment data directly into the user’s Equifax credit file.

This will provide an increase in data visibility, which aims to boost greater financial inclusion as lenders gain affordability insight to help them make more informed lending decisions.

Equifax chief executive UK & Ireland David Bernard says: “This expansion of our strategic long-term partnership with ClearScore marks another exciting step towards greater financial inclusion. By incorporating more rental data into Equifax credit reports, we’re giving the UK’s nine million renters1 greater control over their credit profiles and helping them to access fairer borrowing terms.”

“At the same time, it gives lenders the ability to make more informed decisions, helping more people take their first steps towards owning property and living their financial best.”

The ClearScore Group co-founder and chief executive Justin Basini adds: “By integrating rental data into consumers’ Equifax credit files, we are leveling the playing field for millions of renters and thin-file customers, turning years of on-time payments into tangible opportunities for affordable borrowing and mortgage approvals.”