Open finance data, intelligence and payments platform Moneyhub has launched a Rent Recognition feature, which it believes will offer a fairer way of building up a credit score.
The feature allows users to send anonymised details of rent payments to credit reference agencies, such as Experian.
While data can now be submitted to credit reference agencies directly, Moneyhub’s Rent Recognition only shares the minimum amount of relevant data that will positively contribute to users’ credit score – minimising the data shared to protect privacy.
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Moneyhub has also introduced a Regular Recurring Transactions summary, which builds upon its Spending Analysis feature and shows details of scheduled payments.
The extra visibility granted by this update aims to help users reduce cash leakage and control their finances, to work towards goals such as paying off debts or saving for a mortgage deposit.
Moneyhub’s Rent Recognition feature interfaces with credit reference agencies, offering them alternative credit data which can help formerly ‘invisible’ people build up the financial reputation they need to access products and services.
Users of Moneyhub powered solutions can share details of their rent quickly and easily from right inside the app, whilst partners that have enabled the feature, such as The Big Exchange, can offer the same abilities to users of their own apps.
The Moneyhub Regular Recurring Transactions feature allows users to monitor where their money is going.
Moneyhub will alert users to upcoming transactions and warn them if they do not have enough cash to cover the cost, before allowing them to sweep money from another account using the payment feature to avoid unnecessary fees.
Dan Scholey, chief operating officer of Moneyhub, said: “We’re delighted to play our part in helping people improve or build upon their credit score.
“Enterprise clients who power their own apps with Moneyhub can now give their own users the ability to safely and anonymously provide details of rental payments to leading credit reference agencies.
“Consumers who use the Moneyhub app will also benefit from the same ability.
“Financial inclusion is a critically important issue which can seem like an intimidating or difficult problem to address.
“But we can start opening up the benefits of financial services to millions of people simply by allowing them to share information about the rent they pay every month.
“This small step can make a big difference in many people’s lives.”