Let Alliance - letting credit reference

Cruncher8934

Let Alliance is the company doing the checks - I'm really nervous as there doesn't seem to be many houses out there and we're running out of time to find something, this house is perfect.

We have good credit scores, household income more than 2.5 x rent. No current or past debt agreements, CCJ's or IVA's etc
But we do have a loan & credit card repayments, never defaulted etc but worried they will stop us passing.

So Let Alliance, anyone know what to expect?
Thanks

anselld

Same as any other letting reference agency, they can only assess based on the public information ( bankruptcy, IVA, CCJ etc).
There have been posters in the past panicked by some of the marketing hype from Let Alliance but none ever came back to say they turned up anything beyond the normal AFAIK.

Cruncher8934

@anselld thanks for your reply, I had read their website and it advertises to landlords that they are changing the way referencing is done as they basically scrutinise household expenditure to really make sure they can afford it. Not just that typical check income amount, and public info etc previous landlord and employer reference so it got my panicking over what they deem to be affordable.

allypally26

My last rental check (if it wasn’t let alliance it was similar) asked for access to my bank account and wage slips etc I have a DMP set up but I past the checks so they can’t see debts unless they reach CCJ/Iva or bankruptcy. 

 

The bank account checked rental payments as I was asked what account the rent was paid to it check my salary as I was asked amounts and who the salary came from. I was a bit nervous about giving a third party access to my bank account but I read all the t&cs and it was fine. 

Cruncher8934

@allypally26 this reference company is "Changing how checks are done" they do a full hard credit check rather than the usual public records. They also state the assess affordability based on household expenditure. They check based on open banking which gives them 12month snapshot of our finances which will say every month a payment to loan and to credit card.

Slithery

Cruncher8934 said:

they do a full hard credit check rather than the usual public records.

How is this possible?

The only companies allowed to do proper credit checks are registered financial companies that lend money. How do Let Alliance qualify?

anselld

Slithery said:

Cruncher8934 said:

they do a full hard credit check rather than the usual public records.

How is this possible?

The only companies allowed to do proper credit checks are registered financial companies that lend money. How do Let Alliance qualify?

It is not possible.  As you say they do not qualify.

Open banking access is voluntary and in any case is nothing like a hard credit record check.  It is no different to requesting bank statements and it applies only to current accounts.

allypally26

The checks I had were through open banking the checks were done in May so not too long ago. 

Cruncher8934

@Slithery and @anselld it states on their website they do a full credit check.  My credit file is good, only thing that isn't good is high utilisation of credit card while I pay it off but otherwise no missed payments etc .
It's the worry they will decide because we're paying off a loan and credit we can't afford it, (we have no worry of being able to afford it)

GrumpyDil

Cruncher8934 said:

@Slithery and @anselld it states on their website they do a full credit check.  My credit file is good, only thing that isn't good is high utilisation of credit card while I pay it off but otherwise no missed payments etc .
It's the worry they will decide because we're paying off a loan and credit we can't afford it, (we have no worry of being able to afford it)

Can you provide a link to where it refers to a hard credit check as I can't see that on their site? 

Cruncher8934

I have another question this house move is to another part of the country, my husband is there already kipping in the box room of a relative while the kids and 1 are 300miles away  he only start this job 3 weeks ago and hasn't had first pay yet... New pay is higher than old one here (old pay over still 2.5 x rent).
Any thoughts on this causing an issue?