Agenda item

Report of the Director of Community & Children’s Services.

The Sub Committee received a presentation from Mark Goodfellow from Experion who detailed the Rental Exchange Scheme, which provided social tenants with the opportunity to develop a good credit rating through the sharing of their rental payment data. This would enable residents to access more affordable financial deals.

Members noted that 99% of tenants had no significant arrears on their rent and their credit scores would improve as a result of incorporating rental data, with 1% of tenants having serious arrears on their rent so their credit score would be reduced by approximately 90-140 points. Only 6 tenants were on full Housing Benefit and so would see no effect on their credit score. The Sub Committee discussed the report, including issues regarding data protection, the option for residents to opt out of the service, and the practicalities of implementing the new system.

RESOLVED – That authority be delegated to the Director of Community & Children’s Services to proceed with full membership of the Rental Exchange and to take the necessary steps to issue fair processing notices to tenants.