Rental credit checks

muhandis

https://www.letalliance.co.uk/content/uploads/4_39_32Direct-to-Tenant-Referencing-Requirements-201708.pdf

max50 wrote: »

Letalliance offer exactly this service, since June this year.

I would post a link, but am too new a member. You can see in the referencing section on their website.

max50

That is one of their old forms (2017), before the partnership with TransUnion came into play in June 2019. They have been working on putting together for 2 years. You can see from the form linked above that it doesn't mentioned a users full credit file, but only publically available information. This has now changed.

Check out 'Same day referencing' on their website.

Alternatively, search online for Letalliance and TransUnion.

muhandis

Same day referencing is optional and requires the tenant to opt-in to their open banking API and have a main current account with a panel of banks.

There's still the option of doing it otherwise.

Unless they've made it compulsory in the last few weeks!

max50 wrote: »

That is one of their old forms, before the partnership with TransUnion came into play in June 2019. They have been working on putting together for 2 years. You can see from the form linked above that it doesn't mentioned a users full credit file, but only publically available information. This has now changed.

Check out 'Same day referencing' on their website.

Alternatively, search online for Letalliance and TransUnion.

max50

muhandis wrote: »

Same day referencing is optional and requires the tenant to opt-in to their open banking API and have a main current account with a panel of banks.

There's still the option of doing it otherwise.

Unless they've made it compulsory in the last few weeks!

The open banking part is optional, however, the full credit check provided by TransUnion is not. This is provided to the letting agency by TransUnion regardless of whether the tenant opts into open banking or not. This applies to all reference options (Open Banking would likely mean a same day decision, but otherwise may be longer).

"If the tenant opts in to open banking, they are redirected to our partner TransUnion (formerly Callcredit) who will access their online bank and send us a 12-month snapshot of their finances. TransUnion will also provide us with a full credit report regardless of Open Banking.

muhandis

Ah ok, I was talking about openbanking in relation to the same-day reference check

max50 wrote: »

The open banking part is optional, however, the full credit check provided by TransUnion is not. This is provided to the letting agency by TransUnion regardless of whether the tenant opts into open banking or not. This applies to all reference options (Open Banking would likely mean a same day decision, but otherwise may be longer).

"If the tenant opts in to open banking, they are redirected to our partner TransUnion (formerly Callcredit) who will access their online bank and send us a 12-month snapshot of their finances. TransUnion will also provide us with a full credit report regardless of Open Banking.

max50

It came as a surprise to me actually, and just today.. not sure how letting agents are suddenly able to insist on a full credit report for tenants. a massive change really and I expect all letting agents will soon be using one of these companies for that reason.

looks like it will definitely make letting a lot harder for many

muhandis

Same here. I know of UKTenantData (it fell through) and LetAlliance from recent experience handholding a young relative in renting for the first time.

LetAlliance was far better than UKTenantData which asked for all sorts of very personal information. From my conversation with the EAs, the level of intrusiveness increases if the LL has opted for rent guarantee insurance.

It was quite eye-opening.

max50 wrote: »

It came as a surprise to me actually, and just today.. not sure how letting agents are suddenly able to insist on a full credit report for tenants. a massive change really and I expect all letting agents will soon be using one of these companies for that reason.

looks like it will definitely make letting a lot harder for many

Emilyoflanye92

So basically I'm screwed? Surely there must a way else there'd be alot of people struggling to find somewhere to live. I don't really know what to do for the best. I can provide a guarantor. I've looked for private too and there's nothing.

Emilyoflanye92

Parkrunner, not sure? Maybe because I have alot of credit with my personal loan. But when I look through my report I've never ever missed a payment! All in good standing.

muhandis

Emily, I think you are over-interpreting the posts above. If LAs and LLs were overly strict and refused to let to people with an odd late payment or two, or low made-up "credit scores", they wouldn't have a lot of potential customers.

Plus, with the tenant fee ban, they would p*ss-away a lot of money on wasted reference checks.

With access to a guarantor, there's even less for you to worry about. Unless you have major adverse items like recent unsatisfied defaults, etc, I wouldn't start worrying yet.

Emilyoflanye92 wrote: »

So basically I'm screwed? Surely there must a way else there'd be alot of people struggling to find somewhere to live. I don't really know what to do for the best. I can provide a guarantor. I've looked for private too and there's nothing.