Main site > MoneySavingExpert.com Forums > Essential Money > House Buying, Renting & Selling > What Do Letting Agents Look Out For In Tenant Cre... (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
What Do Letting Agents Look Out For In Tenant Credit Checks!
Closed Thread
Views: 5,698
Thread Tools Search this Thread Display Modes
# 1
mrdeepee
Old 04-11-2011, 10:15 PM
MoneySaving Newbie
 
Join Date: Jan 2010
Location: Birmingham
Posts: 12
Default What Do Letting Agents Look Out For In Tenant Credit Checks!

My sister is considering renting from a Letting Agency but is concerned about the credit checks they all insist on carrying out as part of the letting process.

She's had problems with debts in the past but has had arrangements with all her creditors for the past 4 years to make reduced payments, and she's had no worries in all this time. However, these arrangements are reflected on her credit file and this means that she has a very poor credit rating. She doesn't have any CCJs or IVAs and has never been declared bankrupt.

She has been renting privately but now needs to move closer to her work but can't find any suitable properties to rent privately. She's now forced to consider going with Letting Agencies but she's a bit worried about them doing a credit check, seeing that she has a poor credit rating and then refusing her the let. She'll also lose the almost 200 admin fee she'll be charged for the credit check and reference process.

So, my question is, does anyone know what letting agents look out for in a credit file that will cause them to refuse letting a property to a tenant?
mrdeepee is offline
Report Post
# 2
Benji
Old 04-11-2011, 10:34 PM
MoneySaving Stalwart
 
Join Date: Jul 2004
Posts: 622
Default

This link is to an 'old' page from one letting agency - see in particular What minimum referencing criteria need to be met?
http://web.archive.org/web/200902280...tenants/first/
Life should be a little nuts; otherwise it's just a bunch of Thursdays strung together.
Benji is offline
Report Post
# 3
G_M
Old 04-11-2011, 10:45 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Nov 2008
Posts: 23,746
Default

I'd hope they'd look for the same sorts of things as the landlord they are acting for! And any sensible landlord not using an agency would do these checks too - I certainly do.

First - get copies of her credit reports from Experian etc to see what's on there.
Second - be honest from the start. State what credit problems there are and what is on the file. Then ask if those items will preclude renting. If the answer is 'yes', save the application fee!
Third - if the agency says "that's fine as long as there's nothing else" get that in writing. ie added to the receipt for the admin fee, together with a statement that in those circumstances the fee is refundable. If subsequently the landlord or agent declines her application despite having found nothing additional, she should demand her fee back, quoting the statement on the receipt. (of course, if the credit search shows up an undeclared bankrupcy, tht's different!)
G_M is offline
Report Post
# 4
Wee Willy Harris
Old 04-11-2011, 11:50 PM
PPR
Fantastically Fervent MoneySaving Super Fan
 
Join Date: May 2010
Posts: 6,883
Default

A 60 fee?
Wee Willy Harris is offline
Report Post
# 5
Experian company representative
Old 07-11-2011, 2:07 PM
Has MSEs permission to post for company
Serious MoneySaving Fan
 
Join Date: Feb 2004
Location: Nottingham
Posts: 1,644
Default

Letting agents and landlords can only access the public information on your credit report, so I've you've had no court judgments or insolvencies you shouldn't have a problem with credit checks. Your actual credit history data is only visible to banks and other lenders.

James Jones
Official Company Representative
I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"

Posts by James Jones, Neil Stone, Guy Burton, Jo Beck and James Scott
Experian company representative is offline
Report Post
The Following User Says Thank You to Experian company representative For This Useful Post: Show me >>
# 6
mrdeepee
Old 08-11-2011, 6:51 PM
MoneySaving Newbie
 
Join Date: Jan 2010
Location: Birmingham
Posts: 12
Default

Quote:
Originally Posted by Experian company representative View Post
Letting agents and landlords can only access the public information on your credit report, so I've you've had no court judgments or insolvencies you shouldn't have a problem with credit checks. Your actual credit history data is only visible to banks and other lenders.

James Jones
Many thanks for your post. It makes sense that non-lenders who themselves don't provide credit information to credit reference agencies, aren't able to see non-public credit info of their customers.
mrdeepee is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 1:24 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 16 April 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile
  • RT @MoneySavingExp: Weekly email:Free breaking bad, top shares ISA, HOT bband deal ending, 2.5% cash ISA, Tesco wine sale, £10 champers.. h?
  • RT @MoneySavingExp: Ovivo closure: MSE?s reported the mobile firm to authorities. If you?ve been affected, here?s how you can complain http?
  • Right switching off Twitter now. Going back offline. Thanks to those of both sides tweets for making it a more enjoyable watch.

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 87
  • VARIOUS ARTISTSFROZEN (ORIGINAL MOTION PICTURE SOUNDTRACK)
  • VARIOUS ARTISTSULTIMATE CLUB ANTHEMS

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.