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MSE News: Missed rent payments could cost you a loan or mortgage
Former_MSE_Helen
Posts: 2,382 Forumite
"In the coming months, late rent payments could appear on your credit file, which lenders use to assess applications..."
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I think that's fair enough. Banks aren't in the least bit forgiving if people miss a mortgage payment and not all landlords are minted - far from it.0
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This might help with the control of reckless borowing.0
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I can see this going sour. It is only major agencies and landlords who will be able to do this. But which tenants would trust a letting agent to put stuff on their credit record and get it right. Come the revolution, we might see letting agents burned down as a result of this.
Smaller landlords will suffer off the back of this because they will get more than their fair share of tenants with rent and unrelated credit issues.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
who will be liable if they report false info, and make them compensate as they are not regulated the sameDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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I can see unscrupulous lettings agents and landlords using this in revenge on tenants who raise a dispute through the deposit protection schemes, call in Environmental Health or otherwise try and make them comply with their legal obligations as landlords.0
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In typical MSE style, the article completely focuses on what might happen if you miss rent payments.
What about the millions of people who pay their rent on time? This new change from the CRAs will help to improve their credit ratings. This significant impact is skipped over quickly at the very end.
Daily Mail style reporting - shock headlines - at its best.0 -
I reckon the recording of council tax payments will be next.0
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This will be an unmitigated disaster.
We can see how well the mobile telephone companies and utility providers report information to the Credit Reference Agencies and how well they react to this information.
As stated earlier, where do disputes go and how on Earth do they get resolved/regulated..
Still, lets see...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Well, given the amount of posts we have on other forums here, related to people trying to get inaccurate information corrected on their credit reports, I'm not expecting things to be any easier if a LL / LA has put dodgy info on the report in retribution or otherwise.
Edit: DaveHam types more quickly!0 -
When practice meets theory, you might find that thousands of people who pay their rent on time have their credit ratings trashed due to maladministration, bungling and even malice from Landlords and Agents who resent being asked to do repairs..... What about the millions of people who pay their rent on time? This new change from the CRAs will help to improve their credit ratings.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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