DMP and effect on rental property

panicsetin

Hi all,

Would really appreciate some advise as am worrying myself stupid at the moment

My husband and I are going to be renting a house for a year in the near future and I am concerned that my credit rating (I am on a DMP with the CCCS but do not have any CCJ's or bankruptcy) will cause us problems. My husband is unaware of my poor credit rating and my DMP and we are not financially linked in any way. He will be financing the rental himself and his rating is excellent. (Please don't start a debate or judge me on whether it is right that my husband is unaware - in an ideal world its not but only i know my personal circumstances and the reasons that i haven't been able to share this with him)

I have read that the only information that lettings agencies obtain in their checks is public data and that my DMP and defaults will not show or adversely affect me. My rating on checkmyfile as shown as being seen by lettings agencies is 790 (national average 750).

I would really appreciate it if anyone can advise on this matter....

Many thanks in advance!

N79

Correct, this data will not appear on a letting credit check but if the LL does a bank reference (some do, some don't) or asks to see bank statements (some do, some don't) then it will be obvious you are living beyond your means (but not that you are on a DMP). In addition, if you have paid your current rent late at any point and the LL takes up references from previous LLs then problems may emerge.

DVardysShadow

panicsetin wrote: »

Hi all,

Would really appreciate some advise as am worrying myself stupid at the moment

My husband and I are going to be renting a house for a year in the near future and I am concerned that my credit rating (I am on a DMP with the CCCS but do not have any CCJ's or bankruptcy) will cause us problems. My husband is unaware of my poor credit rating and my DMP and we are not financially linked in any way. He will be financing the rental himself and his rating is excellent. (Please don't start a debate or judge me on whether it is right that my husband is unaware - in an ideal world its not but only i know my personal circumstances and the reasons that i haven't been able to share this with him)

I have read that the only information that lettings agencies obtain in their checks is public data and that my DMP and defaults will not show or adversely affect me. My rating on checkmyfile as shown as being seen by lettings agencies is 790 (national average 750).

I would really appreciate it if anyone can advise on this matter....

Many thanks in advance!

Time to 'fess up I think. The thing about the renting process is that the agent might insist that you go on the agreement and that you are credit checked. And if you are evasive, they will either be more forceful or worse they may just not deal with you. And if this comes out under the stress of difficulties of getting a rental, you will put the relationship under a lot more stress than if you tell your husband now and include him in deciding how to deal with letting agents over this. If you want help on how to 'fess up, go to the debt free wannabes' forum http://forums.moneysavingexpert.com/forumdisplay.php?f=76.

As for 'credit ratings' on your credit file, there is no such thing as a universal credit rating. If you are paying for it, you are paying for baloney.

N79 wrote: »

Correct, this data will not appear on a letting credit check but if the LL does a bank reference (some do, some don't) or asks to see bank statements (some do, some don't) then it will be obvious you are living beyond your means (but not that you are on a DMP). In addition, if you have paid your current rent late at any point and the LL takes up references from previous LLs then problems may emerge.

Ahem. Part of being on a DMP is that you do not live beyond your means .... - although obviously to need a DMP, you must have done so in the past.

panicsetin

Thank you for your advice so far

I am not currently living beyond my means - in fact I am in the best financial position I have been in and budget effectively which I am very pleased with. My need for a DMP started years back when I was left with a young child and living on my own and my day to day living costs exceeded my income and I used credit to supplement it - a vicious circle. In any event I have taken steps to resolve the issue and as stated now manage my money far more effectively than before and obviously have no use (or need!) for credit.

Telling my husband is not an option (sorry) - I know it makes me a coward....

I have spoken to the letting Agency and explained to them and they have told me not to worry so hopefully it will not be a problem (fingers crossed!)....

Worriedmummy

I've just been through the same thing as you and want to say DONT WORRY!!

We are on a DMP and have multiple default notices and our credit checks were fine.

There is a post on here somewhere where Experian have even stated that letting agents can only view things like CCJs, IVAs etc... at the end of the day its renting, not a mortgage.. you are not getting credit and only companies that you are trying to get credit from can see your full credit report.

...and you are right, you are not living beyond your means. A DMP is a very sensible thing to do and shows you are trying to sort yourself out.

I did mention to the letting agent about my DMP and they even told me not to worry, so I didn’t try to hide it.