Leeds Building Society will begin offering borrowers the opportunity to boost their credit scores
Hopeful homeowners could now increase their chances of getting a mortgage with a Netflix or Spotify subscription due to a new partnership.
It means regular debit payments over the last 12 months related to subscriptions to digital entertainment services can now contribute to credit scores and be factored into mortgage applications to the Society. The service is rooted in open banking technology which links a borrower's current account payments to their credit score.Leeds Building Society said that during testing, 7.5 per cent of Society applicants would have gained an improvement in their credit score by using Experian Boost.
Richard Fearon, chief executive at Leeds Building Society, said of the new announcement: “This will particularly help younger borrowers, first-time buyers and anyone on lower incomes who face the toughest challenge to prove their ability to repay.
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