Rental Payments Will Be Included In Credit Reports

Tenants could find it easier to access finance such as mortgages, with a major credit checking company now including information about rental payments in its reports. Experian said it is adding the data to credit reports, enabling firms offering finance to take these payments into account in a similar way to mortgages. For some tenants, this could potentially help them jump on to the property ladder and make it easier to access other types of finance. The credit checking company said more than 150 social housing providers, local authorities and letting agents are reporting data in an initiative called the rental exchange. Read more on the Yahoo Finance website.

https://uk.finance.yahoo.com/news/rental-payments-included-credit-reports-230100820.html?guccounter=1

Social Housing Tenants in £1.3m 'Poverty Premium'

Over a quarter of social housing tenants are missing out on huge savings by using cash to pay for bills, goods and services, rather than direct debit, according to research from Experian highlighting the financial inequalities faced by people in social housing when accessing essential services. For many low income families paying in cash, this ‘poverty premium’ has been calculated to amount to more than £1,280 a year – which could be saved if they were paying by direct debit. Experian’s research found that out of the 4.8 million people living in social housing 1.3 million of them are paying the majority of their bills in cash. This highlights the challenges faced by many social housing tenants in the UK. To help address these, Experian and Big Issue Invest (The Big Issue’s social investment arm) have partnered to create The Rental Exchange which aims to open up financial opportunities, previously enjoyed only by those with a healthy credit rating. Read more about The Rental Exchange on the Experian website.

Young Renters Most Likely to Fall Prey to Identity Fraud

Young renters on low to middle incomes are the demographic most likely to fall victim to identity fraud, according to new analysis from Experian. Experian’s analysis reveals single people in their 20s and 30s, living in rented accommodation, are the group most likely to become a victim of identity theft and almost twice as likely to be targeted than the national average. Of all criminal cases of identity theft uncovered between August 2013 and August 2014, almost one in five victims fell into this category (19 per cent). Read more o the Experian website.

Reduce VAT on Housing Repairs to Save £15bn

The government could boost the UK economy by more than £15 billion between 2015 and 2020 if it reduced VAT on housing repair and renovation work, according to a report by Experian. The research, backed by more than 60 charities, trade associations, business groups and financial institutions, also found the VAT cut could create 95,000 jobs and save 240,000 tonnes of carbon dioxide. It calls on the three main political parties to commit to this VAT reduction, from 20 per cent to 5 per cent, as part of their 2015 general election manifestos. Download a copy of the report.

Council Housing – Parliamentary Written Answer

Jack Dromey: To ask the Secretary of State for Communities and Local Government what estimate he has made of how many council tenants sub-let their council homes; and what statistical basis his Department uses to make such an estimate.

Grant Shapps: The Audit Commission estimated in 2009 there were at least 50,000 unlawfully occupied social homes in England; however, it has noted:

'the need for more research to get a clearer picture of the prevalence and cost of housing tenancy fraud, particularly for the three-quarters of social housing outside London'  More recent analysis carried out by consultancy Experian Public Services suggests the figure could be more than 150,000 in practice (“Experian press release”, 12 September 2011).  Further research by housing fraud specialists, HJK Associates, has suggested that 160,000 social housing tenants in London alone may be subletting their properties (cited in The Sunday Telegraph, 22 January 2012).  We have recently consulted on proposals that would strengthen legislation around social housing fraud. A summary of responses will be published in due course.

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Subletting In Some London Boroughs 'As High As 10% of Tenancies'

Subletting in some London boroughs is as high as 10 per cent of tenancies according to credit experts Experian who has launched a new UK-wide data sharing initiative to target fraudsters. Experian Public Sector - which has worked with more than 30 social housing providers - has detected potential fraud in six per cent of tenancies. Extrapolated out across the UK, this is equal to one in 16 social homes at a cost to tax payers of over £2 billion. However, it says in "premium locations" such as London some local authorities are suffering rates as high as nine or ten per cent. Experian claims its new service will cross-match the tenancy, waiting and temporary accommodation lists of housing providers to look for evidence of the same tenant or co-occupant being resident in another provider’s housing. Under the new initiative, Experian will issue alerts that will help providers expedite their investigations and prioritise high risk fraud cases. Read more on the Experian website.