Every year landlords fall victim to late rental payments, with a third of buy-to-let landlords claiming to have around £2,000 worth of arrears. Horror stories fill the news as landlords accrue up to a shocking £10,000 in rent arrears!

Rental arrears are, unfortunately, becoming increasingly common in the Private Rented Sector (PRS) and with few penalties for late or non-payments, tenants are left unmotivated to ensure that their rent is paid on time.

Payments such as utilities and mobile phone contracts are a high priority for tenants, not only because they are considered essentials, but also because on-time payments can positively impact credit scores. An improved credit score is highly advantageous to a tenant, as a high score can mean a good mortgage and therefore a strong start on the property ladder.

Ever since its launch earlier this year, TheHouseShop’s rent collection service, RentScore has flourished in the Private Rented Sector (PRS). The rent collection service, in partnership with Experian, is one of many services available from the UK’s leading landlord marketplace, TheHouseShop.

RentScore is a rent-collection service with a twist. While collecting your rent, each and every month, RentScore registers your tenant’s rental payments with credit reference agency, Experian. The data is then passed through Experian’s Rental Exchange and will be reflected on the tenant’s credit history. RentScore makes rental payments a number one priority for tenants, incentivising them to pay their rent on time.

RentScore’s success inspired TheHouseShop to offer even more to their landlords. Landlords wanted to make sure that they wouldn’t be out of pocket if their tenants find themselves unable to pay their rent. Even with the added credit incentive, a tenant may still fall on hard times and subsequently fall into arrears and that is why TheHouseShop developed RentScore Plus.

RentScore Plus safeguards rental payments, while also covering legal expenses and evictions with the added benefit of expert legal advice. The hassle-free rent collection service is combined with first-class rent protection insurance to give landlords unrivalled cover with no excess to pay.

Nick Marr, co-founder of TheHouseShop, offers his view on how RentScore Plus is changing the PRS:

“There are plenty of landlords out there who cannot financially plan for arrears and have no safety net in place to accommodate for unexpected costs. A large number of Buy-To-Let landlords rely on their rental income to cover significant payments, such as mortgages, so late or missed rental payments can pose a real threat”

“On top of all of this, we are seeing Section 21 tax changes, increased Stamp Duty on second homes and the impending Tenant Fees Ban which is putting increasing pressure on landlords, so their rental income is more important than ever. Offering a service that gives landlords financial security is important to us, as we are continually building upon our suite of services which all aim to make landlords lives a whole lot easier and more affordable.”

“We love keeping in contact with our landlords and a consistent message from them was the need for financial stability. We heard their concerns and we created a service that fulfils their needs. At such an affordable price, RentScore Plus is flying off the shelves, so to speak.”

TheHouseShop has seen huge amounts of interest in their RentScore Plus service, making it one of their most popular products. Their largest clientele seems to be new or ‘accidental’ landlords, who strongly desire financial stability and were not aware that such a service could exist without utilising a full management letting agent.

Landlords also have the opportunity to purchase the rent protection insurance as a stand-alone product. This service offers financial stability without the rent collection aspect, meaning that landlords can tailor the service to fit their specific requirements.