renting - credit checks??

emeraldsunjewel · 23 January 2008 at 10:57AM

Hi,

just wondering if anyone could advise.
Basically have been renting a house for almost 6 years but told recently we have 8 weeks to move out as the owners are wanting to sell. We found a reasonable house to move in to but have just been told that they will need to do credit checks which im not sure we will pass, does anyone know the credit score required for the checks? and if they need to be performed again as we have been good tenants for 6 years? i have heard about having a guarantor if credit checks arent passed but what are the requirements of a guarantor, do they have to be over 21 and a home owner? as we can't afford to pay 6 months rent upfront the situation is a bit sticky.

any advice appreciated!

Aesop · 23 January 2008 at 12:50PM

Hi

We rent where we live. Basically a credit check involves the company contacting Experian, Equifax or a third company, cant remember what it is called. They check you have been on the electoral roll for the six years you have been renting, they will check how many loans, credit cards, commitments you have, how you have managed your repayments and how much you still owe. You can get your credit reports for a fee of £2 for each company or if you look on this site, there are ways to get them for free, Martin has done a few articles on them. It is definitely worth getting your credit report and checking the information on there is correct, anything that isnt get corrected immediately. the three reports may show slightly different information so worth getting all 3. they will show you what the searchers will see, and show your financial links to anybody else. I did this and found they were showing me as being financially linked to members of my family when i wasnt, it was worth it, because I got them removed from my report.

hope this helps.

EggGal · 31 January 2008 at 1:54AM

Sorry to change the subject a bit, but...

aureol212 wrote: »

the three reports may show slightly different information so worth getting all 3. they will show you what the searchers will see, and show your financial links to anybody else. I did this and found they were showing me as being financially linked to members of my family when i wasnt, it was worth it, because I got them removed from my report.

hope this helps.

I recently noticed on my credit report that it stil has me finacially linked to my ex-partner who left me 2 years ago, and have been trying to find out how to get myself un-linked from him, so to speak, so far have not had any success. How is the best way to make sure all his future financial misdemeanours don't affect me?

Thanks in advance.

subjecttocontract · 31 January 2008 at 11:18AM

i have heard about having a guarantor if credit checks arent passed but what are the requirements of a guarantor, do they have to be over 21 and a home owner? as we can't afford to pay 6 months rent upfront the situation is a bit sticky.

Over 21, home owner and sometimes they are required even if you pass the credit checks. Landlords like a belt & braces approach. Its all about minimising risk.

Aesop · 15 February 2008 at 1:53PM

Hi, sorry for late response, only just checked back on site.
Contact Experian, Equifax and CallCredit(i think) and tell them you are no longer financially linked to your ex partner and have not been for the last 2 years, they will update your credit files to remove the link or you can put a notice on your file advising you are not financially linked.

By law you have the right to request a Statutory Credit Report for £2. This is posted to you within 7 working days of receipt of your request and payment.
Your Statutory Rights Include the Right to:

Be posted a copy of your Statutory Credit Report within 7 working days of receipt of your request and payment
Dispute inaccurate information on your credit file
Have errors corrected within 28 days.

Under the Data Protection Act, Equifax is permitted by law to charge you £2 for each request you make for your Statutory Credit Report.
Equifax Credit Rating™
Statutory Report
By law, you are entitled to a copy of your Statutory Credit Report by post for a fee of £2.

When requesting your credit report by post, please complete the Credit File Application Form and send it to the address below. Be sure to include your full name, address and most recent former addresses (up to six years) for file matching purposes. Please include a personal cheque made payable to Equifax Plc.

Equifax Plc.
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US

the others are

Experian
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
Call CreditConsumer Services Team
PO Box 491
Leeds
LS3 1WZ

EggGal wrote: »

Sorry to change the subject a bit, but...

I recently noticed on my credit report that it stil has me finacially linked to my ex-partner who left me 2 years ago, and have been trying to find out how to get myself un-linked from him, so to speak, so far have not had any success. How is the best way to make sure all his future financial misdemeanours don't affect me?

Thanks in advance.

brookss1312 · 15 February 2008 at 4:01PM

Hi, just thought i'd give a little bit advice as im currently privately renting with my partner through a letting's agency. As you i was worried about the credit check's as i have a default and 2 ccj's and numerous other missed payments. But my partner's credit was fine. I know they do check with the usual credit reference agencies but i think it's basically to see if you've missed payment's of rent on previous properties and that's about it. Oh and obviously they'll check if you can afford the rent by asking you to list your outgoing's & commitments etc... I never had any problem with renting a property and i really thought i would because a few years ago i couldn't even get a switch card! But i think as long as you have been good tenants in your previous house and have good referencies you should be fine.

clutton_2 · 15 February 2008 at 6:58PM

as a l andlady - what i tell my prospective tenants is that i do not like finding surprises when i do credit/reference checks - if you have had a problem in the past, and have sorted it out, or are still sorting it out - fine - we all get into muddles now and again - i am looking for honesty more than anything else.

when you go to the viewings, take your last six months bank statements with you - this shows a willingness to be immediately upfront from day one - take ID and proof of address with you.

good luck

fudge23 · 16 December 2010 at 2:37PM

Hi a friend of mine has been asked to pay £150 for a credit check on a property they want to rent, is this fee the norm?

GillsMan7 · 16 December 2010 at 4:51PM

fudge23 wrote: »

Hi a friend of mine has been asked to pay £150 for a credit check on a property they want to rent, is this fee the norm?

I don't know if it's the norm, but I know I pay £10-20 to credit check my tenants so it seems massively inflated to me.

Laura01_2 · 25 May 2011 at 10:08AM

Hi there, im going in to rent a property on saturday but i dont think me or my partner will pass a credit check, the only reason i wont and have been declined for things recently is because i have stopped working to be a fulltime mom to my 2 children under 3 and all the credit is in my name from when i was working, as i had a good credit rating before and i got wher we are living now but my partner has ccj etc, they have asked for a guarantor which i can provide and will pass a credit check, should they accept him and let us rent or do i have to pass and if i dont will they take my explination into consideration??
Thanks Laura

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renting - credit checks??

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