Not passing letting agent credit check

milly143

Hi,

I will be looking into renting a property on my own in the next few months but due to a poor credit score im worried i will not pass the agents check. (i have done a budget and know what i can afford)

What usually happens if you dont pass the credit checks?

Would they automatically require a guarantor? Its possible i could get someone to act as one but id like to avoid this.

Would they normally accept looking over recent bank statements to show current rental payments are all made on time? (this might be affected by the fact im in a joint tenancy currently).

Any tips or advice would be really appreciated.

Werdnal

Firstly, talk to the agents about this, otherwise you could be throwing away £100+ for the priviledge of a credit check which you might not pass anyway.

They may ask for a guarantor, and the guarnator would need to pass a credit check themselves, so its not just a case of asking someone to stand for you - they need to prove themselves too. They may accept 6 months rent upfront, but tenants are often advised that this is a last resort.

Take along pay slips, bank statements etc, and discuss this with them. So long as you are honest and genuine upfront, it may count in your favour. If you can get a reference from your current LL this would also help, but in the end, it is down to the new LL to accept you, and their decision is final.

millym

As far as I'm aware, letting agents cannot access your full credit report, only information about CCJs, bankruptcy.

They will not be able to see any defaults you may have.

The paperwork I signed with my LAs only asked about CCJs etc. As others have said though, talk to the agents first before paying any fees, and take it from there.

rentergirl

Check your own credit rating online - which costs about £5 (as opposed to the rip off £100 LA's charge). And yes, a guarantor, raised early on, will be best. Will the landlord be asked to prove anything: that the mortgage is buy to let ready, that he is solvent, or decent human being? Nope.

Werdnal

rentergirl wrote: »

Check your own credit rating online - which costs about £5 (as opposed to the rip off £100 LA's charge). And yes, a guarantor, raised early on, will be best. Will the landlord be asked to prove anything: that the mortgage is buy to let ready, that he is solvent, or decent human being? Nope.

You cannot present your own credit check to the LA/LL, they will still require their own, hence why OP should discuss their concerns and try to avoid the "rip off" charges when there may be no point.

And the majority of LLs are "decent human beings" - there are many here giving helpful, and more importantly, accurate advice (which is often missing from some replies you provide!).

conradmum

Definitely talk to the LA before paying for a check. They should know whether the landlord of the property you're interested in has previously refused a tenant who needed a guarantor, or asked for 6 month's rent up front, or whatever. Landlords will differ hugely in what they're prepared to accept, and it may be there are other things about you that will work in your favour. In my experience, the LA will tell the landlord as much as they can about the tenant then leave it up to them whether they want to take them on or not.

Above all, be honest. We had one person interested in our house who'd had a previous bankruptcy that she didn't tell anyone about because she thought it would no longer show on her record. We decided not to let to her, not so much because of the bankruptcy but because she'd given us the impression of being untrustworthy.