Just failed credit checks- anything I can? Can I ask for report?

pnq06

Well the title says it all really..

We've just failed the credit checks for a house that we want to rent although I'm not sure I believe the estate agent simply because these checks were supposed to take at least a week (taken 2 days) and we put down £320 as a holding deposit and credit check fees which we've now lost...

We were so confident and now she's telling us our score is low (can't see why it would be)... Can we request a copy of the report?

Is it possible that she never did the checks and has pocketed £320 sitting on her bum whilst still getting paid by the landlord? Can I do anything else to find out?

Please help, we're gutted...

BenL

Wow, sorry to hear about that - deposit and all, gone just like that.

Do you know of any reasons why you may have failed the checks?

CCJ, credit card defaults, non payment of mobile phone accounts?

Have you been through the contract/receipt you got when you handed over the holding deposit and does it state this is not refundable if the checks are not passed?

moneysavinmonkey

Why ask us if you can request a copy... just request a copy and see what they say!!!

I definitely don't think that they should keep the whole amount of the deposit - only the portion for credit checking.. the deposit against the rent is only supposed to be retained if you pull out for your own reasons not if the landlord refuses your application. Have you spoken to the agency about this + checked your paperwork.

You can get a copy of your credit file online from... martin has written an article about it and maybe this will also give you some clue of why you have failed the checks... http://www.moneysavingexpert.com/banking/credit-rating-credit-score

As well as checking your credit file the agency will verify your income and judge whether this is enough to afford the rent + bills for the property you are applying for so if you are stretching yourself you might fall outside their criteria.

Credit checks can take only a few hours sometimes so the agency was just probably covering themselves by saying a week, 2 days sounds fine.

pinkshoes

You can check your credit rating online with a couple of companies, and they often give a 30 day free trial (see details somewhere on MSE webpage!!).

I would have thought they'd have to give you your holding deposit back if you failed the credit check, otherwise they'd surely have to hold the property until your credit rating improved, which could potentially take years!

pnq06

Thanks for the fast reply...

We knew it was non-refundable but we were so confident, we came clean about anything we thought would cause us problems and she said as long as we were honest it would be fine... My partner had a ccj a few years ago which we paid off straight away as it went to an old address so didn't know about it but have been fine since then

We pay our bills on time every month and for the first time in ages we are £300 clear after rent and other bills/expenses...

She hasn't said why just kept saying that its low... Can I request a copy as proof that she's done the checks?

Thanks

mpsavuk

Sign up for the 30 day free trial. Once you have access to your file you can see which recent searches have been done and by whom.

If EA name does not show as a recent searcher then you are being jerked off.

Brainache

Pretty sure that the LA can't retain your holding deposit on a failed credit check - that's just theft. The holding deposit is there in case you pull out after having agreed to let the property.

m00m00

I'd be talking to the local trading standards office if I was the OP


this is scandalous.

pnq06

Right I've just rang the LA and she's said that she doesn't know why its low- its just low...

She also said that we agreed that we loose the holding deposit of £200 because somebody else could of had interest in the property so in effect they've lost getting new tenants in although it was a verbal agreement but there is nothing in writing about losing it on any of the receipts, so is it right that we should loose it?

Shall I risk doing a check yet? Does it show as desperate?

My head is spinning, I'm so disappointed!!!

dobbie82

did they do a reference with your bank? sometimes they ask can mr and mrs smith afford £800 a month rent comforably, and the guy at the bank forgets to discount the rent of your current home and so then the projected cash flow will be bad!

roguebrogue

I'm sorry to hear about that.

You should definately check your credit report with someone like experian and see if the estate agents appear on there as someone who has recently searched it.

I can't see the harm in asking the agents for a copy of the check they did either, if you don't ask you don't get! All they can say is no...