TreasuryThe UK Treasury is launching the Rent Recognition Challenge, a competition to develop an app that will enable tenants to record their rental payments history and improve their chance of getting a mortgage. Stephen Barclay, the economic secretary to the The UK Treasury, has argued that rent payments should be taken into account when performing a credit score – data that is not currently included. The competition opens later this month and closes in March, with the best six bids winning £100,000 ($135,000) of funding to develop prototypes with a total of £2m available in the competition.
The UK Treasury is launching the Rent Recognition Challenge, a competition to develop an app that will enable tenants to record their rental payments history and improve their chance of getting a mortgage. Stephen Barclay, the economic secretary to the Treasury, has argued that rent payments should be taken into account when performing a credit score – data that is not currently included. The competition opens later this month and closes in March, with the best six bids winning £100,000 ($135,000) of funding to develop prototypes with a total of £2m available in the competition.