Two of Britain’s most popular digital banks, Monzo and Starling Bank, have integrated with fellow UK startup CreditLadder, allowing users to utilize the startup’s feature to improve their credit histories.
CreditLadder uses its API platform to view a user’s rent payments, which it then passes to credit bureau Experian—a factor that could benefit that user’s credit score if their rent is paid promptly, allowing further access to financial products like credit cards or an eventual mortgage loan.
For customers of Starling and Monzo, that means that when they pay their rent through these banks, CreditLadder can send such data forward, thus impacting their credit score.
CreditLadder CEO Sheraz Dar said in today’s press release:
We wanted to ensure that as many people as possibly can access more affordable credit and by adding Monzo and Starling Bank to our list through our partnership with TrueLayer, we’re bringing this a step nearer.
Bank Innovation has reached out to CreditLadder for further comment.
Read more at Finextra and CreditLadder.