Loqbox gives renters the opportunity to buiild their credit worthiness

Source: Loqbox

92% of LOQBOX members who currently rent, want to own their own home, according to a recent survey.

To help them achieve their goal, LOQBOX has launched a brand new feature, LOQBOX Rent, allowing members to use Moneyhub’s open banking technology to track and report rent payment behaviour to Experian. This will help renters to build their credit worthiness, making them more eligible for a mortgage in the future.

Co-Founder and Co-CEO of LOQBOX Tom Eyre commented: “Since launching LOQBOX in 2017, we have already helped nearly 1 million people in the UK and the US. Our latest feature is the first of many new developments to the LOQBOX membership suite. We are committed to giving our members access to a richer life. There will be a range of brand new features being launched in what will be a very exciting year for LOQBOX members”.

LOQBOX partnered with Moneyhub and Experian to launch LOQBOX Rent. Open banking allows LOQBOX to accurately identify regular rent payments and report them to Experian.

Jonathan Westley, Chief Data Officer at Experian UK&I, said: “Since the introduction of the Rental Exchange in 2012, we have been working hard to ensure rental payments are recognised in a similar way to mortgages. Our partnership with LOQBOX and Moneyhub is the latest development in this exciting journey.

“By using cutting-edge open banking technology, we are making it easier for more people to seamlessly add rental payment information to their credit report, helping them strengthen their credit history and improving their chances of accessing fair, and affordable credit. I’m looking forward to seeing the benefits this partnership can bring.”

LOQBOX Rent launched using Moneyhub’s open banking solution. The open banking solution allows LOQBOX members to have their monthly rent payments identified and subsequently reported to credit reference agency Experian, improving their credit worthiness.

Samantha Seaton, CEO of Moneyhub comments: “For many the first step on the property ladder is the hardest. All too often first time buyers can struggle to prove to a lender that they have the means to pay a mortgage despite often paying higher monthly rental payments. By using open banking technology rental payments can now be used to demonstrate credit worthiness, providing more prospective buyers with the evidence that they are a suitable candidate for a mortgage.

Open Data is all about putting consumers’ data back in their hands, and this is just one of the many ways that in doing so we can solve today’s problems.We look forward to working further with LOQBOX to use the power of open banking and Open Data to develop new and exciting features to benefit their members.”

LOQBOX members can now make use of the original LOQBOX Save feature alongside an expanded suite of features, built to give LOQBOX Lite and Full members access to the tools they need to achieve their financial goals.

LOQBOX members can expect further developments to their membership throughout 2022 as the company looks to enhance the value of LOQBOX Lite and Full memberships for anyone wanting to live a richer life.