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Advice Needed RE Bank Reference Checks/New LA
Dignified_Blunderer
Posts: 16 Forumite
Hi Everybody,
I am potentially looking at renting a property from an agency for the first time and am just a bit concerned. I've been renting for around 10 years and have always rented privately so I've a few new things to get my head round when it comes to agencies.
Part of the reason I've rented privately I guess is that I used to be an idiot with credit - getting into all kinds of trouble including once CCJ. Everything is paid off now (Feb 10) and I'm slowly trying to resuscitate my credit rating and improve it hopefully for a mortgage in a few years. Both my wife and I work in OK paid jobs and have enough to get by now and our accounts are always in credit.
The agency ask for a reference from employer, current landlady and a bank reference. From what I understand the bank bases this on just the behaviour of your account, unplanned overdrafts, regular wages etc and says whether you manage the rent payment in their opinion.
Firstly am I correct about the bank reference or is there anything I'm missing? Is there anyway the CCJ will show up with that?
Secondly I have been with my current bank for around 6 months now, will that be enough for them to provide a satisfactory reference?
Thirdly, is it likely that the agency will not do any further credit checks that a bank reference? It seems a bit old fashioned and not very in depth to me, although that works in my favour if true.
I hope this makes sense - Thanks so much for any help.
All the Best.
I am potentially looking at renting a property from an agency for the first time and am just a bit concerned. I've been renting for around 10 years and have always rented privately so I've a few new things to get my head round when it comes to agencies.
Part of the reason I've rented privately I guess is that I used to be an idiot with credit - getting into all kinds of trouble including once CCJ. Everything is paid off now (Feb 10) and I'm slowly trying to resuscitate my credit rating and improve it hopefully for a mortgage in a few years. Both my wife and I work in OK paid jobs and have enough to get by now and our accounts are always in credit.
The agency ask for a reference from employer, current landlady and a bank reference. From what I understand the bank bases this on just the behaviour of your account, unplanned overdrafts, regular wages etc and says whether you manage the rent payment in their opinion.
Firstly am I correct about the bank reference or is there anything I'm missing? Is there anyway the CCJ will show up with that?
Secondly I have been with my current bank for around 6 months now, will that be enough for them to provide a satisfactory reference?
Thirdly, is it likely that the agency will not do any further credit checks that a bank reference? It seems a bit old fashioned and not very in depth to me, although that works in my favour if true.
I hope this makes sense - Thanks so much for any help.
All the Best.
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