Paying Rent Will Soon Help Your Credit Rating

By Gary Cutlack on at

The government's looking into ways of adding rent payments into credit check scores, seeing as rent is the one big bill people always try the hardest to pay and this proof of being good at money management may help young folk encumber themselves with gigantic mortgages on awful flats until they die. And it's looking for someone to assemble an app to help.

To make it seem exciting, the Treasury is launching a thing it calls the Rent Recognition Challenge; a competition with a £2m prize pot on offer to anyone who can solve the problem of accurately collating the payments made to the nation's network of amateur and professional landlords each month. God knows how it's going to recognise the weird sex demands landlords on Gumtree make in lieu of monetary payment.

The competition wants the FinTech world to magically make an app that does it all for them, because that's what the FinTech world pretends it can do, with economic secretary Stephen Barclay saying: "Most lenders and Credit Reference Agencies are unable to take rental data into account, because they don’t have access to it. The Rent Recognition Challenge will challenge firms to develop an innovative solution to this problem and help to restore the dream of home ownership for a new generation." [GOV]