Let Alliance Credit Check

Jordy456

Hi All, 
Myself and my wife are looking to rent a new property we’ve applied and been told Let Alliancr are going to run a full hard credit check on us which is now a new process. This apparently can see what banks and credit cards can see about you (I thought it was just Ccjs and bad adverse credit). We have around 10 defaults which we are paying off monthly? Will still affect us? 

We can use a guarantor and also have the cash for 6 months in advance. 

Cheers 

moneysavinghero

I wouldn't want you as tenants. Up to individual Landlords what level of risk they are prepared to take. The more run down the property you are looking at, the more chance of success you will have.

Jordy456

Jointly we earn 120k and the rent is 1300. We have 24k savings, which will shortly be used to paying all the debts off once we have moved house. 

We have some issues years ago, and are still paying for it! 

My main question is do Let Alliance run a full hard credit check as they now imply they do? 

AdrianC

You earn £120k - so somewhere around £6-7k/month after tax, leaving ~£5k/month after you've paid your rent...?
Why haven't you used the £24k "savings" to get shot of the debts?
How much are the outstanding debts?

As far as whether you allow them to run a check... put yourself in the landlord's shoes.
They are being asked to sign a minimum 12mo contract for £1,300/mo, nearly £16k in all.
If the tenant doesn't pay the rent, they have control of a £x00,000 asset and it will take at least a year plus legal costs to get it back, with the potential of still being owed thousands at the end of it.
They have a choice between two tenants...
One has gone through the credit check, which has revealed they have debts but a high income.
The other has outright refused to be credit-checked.
In their position, which would you take? You wouldn't go near the one who refused, would you?

Yes, there may be a third option available to him - a tenant who does not have substantial debts...

Jordy456

Yeah I agree! Do we know though if Let alliance do run these hard checks and are able to see the same information as banks etc? This has never been the case before 2020. 

Chellew40

Hi can I ask if u passed the credit check as were currently waiting on a result have no ccjs or iva just a  few missed payments 

lookstraightahead

moneysavinghero said:

I wouldn't want you as tenants. Up to individual Landlords what level of risk they are prepared to take. The more run down the property you are looking at, the more chance of success you will have.

There are enough shoddy landlords to take advantage of people who could be down on their luck, you're right. Shame tenants can't credit check landlords as well. Bet there'd be some surprises there!! 

jenn229911

Anyone any updates on this and if you got accepted please? Thanks

[Deleted User]

Jordy456 said:

Hi All, 
Myself and my wife are looking to rent a new property we’ve applied and been told Let Alliancr are going to run a full hard credit check on us which is now a new process. This apparently can see what banks and credit cards can see about you (I thought it was just Ccjs and bad adverse credit). We have around 10 defaults which we are paying off monthly? Will still affect us? 

We can use a guarantor and also have the cash for 6 months in advance. 

Cheers 

Who told you that Let Alliance are going to run a full hard check? The letting agent?

A look at Let Alliance’s website shows the full check involves looking for adverse credit, bankruptcy orders and IVAs on all declared and undeclared addresses. That to me reads as if it’s just CCJ, insolvency and that your addresses match up. CCJ and insolvency information is available on your public records because that’s all these referencing companies can access. 

https://www.letalliance.co.uk/letting-agents/intelligent-referencing/

jenn229911

Anyone any updates with this? Did you pass the checks?Similar situation no ccjs etc but two x 3 year old defaults, I read same as OP that they now have access to your full report from transunion. 

anselld

AFAIK the rules on what referencing companies a can see have not changed, ie public records only, CCJs, IVAs, Bankruptcy, etc.  Unless you voluntarily give them your full report they are not financial institutions offering credit so they cannot access the full details.