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<p>The Government is committed to helping as many first-time buyers as possible get
onto the housing ladder and agrees that a history of paying rent should be able to
help with this.</p><p> </p><p>In 2017, the Government launched the Rent Recognition
Challenge: a £2 million competition challenging the UK’s world-leading tech firms
to develop innovative applications to enable tenants to record and share their rental
payment data with lenders and credit reference agencies. The three winners of the
challenge (CreditLadder, Bud and RentalStep) are now all using technology to verify
and record tenants’ rental payments. Since launching their rent recognition service,
CreditLadder has recorded over £600 million in users’ rental payments.</p><p> </p><p>The
Government will continue to work with mortgage lenders and others to encourage rent
track record is used in lending decisions.</p>
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