Most companies will work with more than one credit agency which is why CreditLadder recommends you report your rent payments to Experian, Equifax, TransUnion and Crediva. These are the main credit reference agencies that hold data about your financial behaviour.

Companies will run a credit check to decide whether you are eligible for their product, and if appropriate, the interest rate you’ll pay. They access your credit file for ID checks and age verification. Lenders and businesses use credit reports for identity checks, fraud prevention and lending decisions.

A credit score forms the basis on which companies make lending decisions. Credit reference agencies hold data on your financial behaviour, including credit applications, debts, and transactions. A strong credit position with Experian, Equifax, TransUnion and Crediva can help you access finance, and access finance at better rates. Credit reference agencies also assess your creditworthiness and provide credit scores.

Report your rent payments through CreditLadder to strengthen, improve or repair your credit history and credit score.

According to ClearScore, an ‘excellent’ credit score with Equifax could save you £19,000 over the course of a lifetime, in comparison with having a ‘low’ score.