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interpreting credit report for letting
yaubelle
Posts: 45 Forumite
Hello,
I am letting out my property through a lettings agency.
I have just received a credit report on one of the potential tenants. This is the first time I have ever seen one of these reports and need help in understanding it and interpreting it.
The overall summary of the assessment for one of the potential tenant came back as "Accepted".
The categories looked at were:
1) Credit Bureau Report: "Declined", the person's Credit Risk Score was 234, whilst a pass mark (average credit score) would have been 250.
2) Residency Information: "Accepted"
3) Public Information, (i.e CCJ): "Accepted" (none against their name)
4) Affordability/Rent ratio: 2.5x; Suggested monthly rental limit is £1300pcm
5) Landlord Reference: "Accepted"
6) Employers Reference: "Accepted"
What has really got me concerned is the fact the Credit Bureau Report category came back as "Declined".
It says that a credit score is "a statistical measure of the likelihood of the applicant paying on time" This check is performed by putting the applicant's supplied personal details through a Credit Check Bureau.
I am really concerned now. The letting agency told me the report was fine, but I feel they are inclined to say that so they can get their money.
Does anyone have experience of all this? Experience of interpreting these reports?
Your help would be greatly appreciated. Thanks in advance
I am letting out my property through a lettings agency.
I have just received a credit report on one of the potential tenants. This is the first time I have ever seen one of these reports and need help in understanding it and interpreting it.
The overall summary of the assessment for one of the potential tenant came back as "Accepted".
The categories looked at were:
1) Credit Bureau Report: "Declined", the person's Credit Risk Score was 234, whilst a pass mark (average credit score) would have been 250.
2) Residency Information: "Accepted"
3) Public Information, (i.e CCJ): "Accepted" (none against their name)
4) Affordability/Rent ratio: 2.5x; Suggested monthly rental limit is £1300pcm
5) Landlord Reference: "Accepted"
6) Employers Reference: "Accepted"
What has really got me concerned is the fact the Credit Bureau Report category came back as "Declined".
It says that a credit score is "a statistical measure of the likelihood of the applicant paying on time" This check is performed by putting the applicant's supplied personal details through a Credit Check Bureau.
I am really concerned now. The letting agency told me the report was fine, but I feel they are inclined to say that so they can get their money.
Does anyone have experience of all this? Experience of interpreting these reports?
Your help would be greatly appreciated. Thanks in advance
0
Comments
-
a) You are being charged £££ by the Lettings Agency: They should be advising you...If they just pass this report on with no comment they don't know their a&&e from their elbow...
b) IMHO you want a copy of the tenants driving licence, wage-slip, name/address/phone number of current landlord AND previous Landlord and two personal references and a work reference (to conform who they are & to 'phone up when they abscond & havenae paid the rent).
If the letting agency haven't got all this already, and have followed them all up (you 'phone both personal references to check they know the tenant) then fire the agency and start again.
Cheers!
Lodger
PS Welcome to the fun world of property letting!0 -
Regardless of what people say if you haven't got Guarantors for your tenant, get them before you let your property.ANURADHA KOIRALA ??? go on throw it in google.0
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