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Comments
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Brightspark87 wrote: »It is very different - why should I show you as a landlord my credit report? You have no need to know that. I am not borrowing any money from you and you are NOT FCA authorised therefore not offering any form of protection from my point of view for managing money - simply entering an agreement to pay you money for a service - do you have to show your credit report for joining a gym? Of course you don't. You can see public records etc and that covers you for insurance if you have to make a claim if I fail to pay rent.
I am, in effect, loaning you my £500,000 house, on promise of payment that may, or may not, come.
Why should a landlord not expect to see some indication or proof you are likely to pay what you say you can/will?
As to the "joining a gym" analogy - there are frequently threads on here from folk who have cancelled (or tried to cancel) a membership, and are chased through the courts.0 -
I am, in effect, loaning you my £500,000 house, on promise of payment that may, or may not, come.
Why should a landlord not expect to see some indication or proof you are likely to pay what you say you can/will?
As to the "joining a gym" analogy - there are frequently threads on here from folk who have cancelled (or tried to cancel) a membership, and are chased through the courts.
That's the point though, you can always go through the courts.
You'll only get desperate people to agree to show you their credit report, desperate people aren't the ones you want as tenants0 -
Since rent is paid in advance landlords are not extending a line of credit to tenants. Therefore, much like an employer credit check, there is a limit to how much information landlords can see when credit checking tenants.
Lenders and card issuers get more information when they credit check applicants because they are extending lines of credit.0 -
Rent should be paid in advance - the problem comes when rent isn't paid as it should be. If the rent is paid (all other things being vaguely equal), and the house supplied and maintained (again, vaguely
, there's no problem.
I'd certainly expect/support some form of mutual landlord/tenant credit reporting; where tenant is asked to show his, so should ll be willing.
A good clean credit report is, of course, just historic, and shows no real clue as to future reliability. I'm sure there are many with poor credit history who'd pay the rent come what may, whilst many with perfect scoring will not.
Frankly, credit ratings don't matter at all to me; most of my tenants are just starting out, and few have any credit history at all. I'd much rather know my tenants, let them judge me as much as I'd pigeonhole them...
Problem is, those with the least good records also have little choice - and far less money to fall back on!0 -
That's the point though, you can always go through the courts.
You'll only get desperate people to agree to show you their credit report, desperate people aren't the ones you want as tenants
... and, I guess there's only some point in chasing through the courts if there's some cash worth chasing, so you are back to wanting some financial info beforehand...
But, to the OP's point, I'd still rather base my decision on what I think of a prospective tenant, not some rigid, inflexible system. And I agree with Guest; those who are desperate will be the ones who have little choice, and will agree, while those who have the choice will walk!0 -
Since rent is paid in advance landlords are not extending a line of credit to tenants.
Are all tenants made to pay the whole rent of a fixed term tenancy in advance? Can they be evicted the day after the tenancy has ended?
Like in many business situations landlords are expecting to be paid only after the 'goods' have been delivered. That's why credit checks are very important.
As said, whilst there are valid reasons to restrict access to the full credit record there are equally good reason for landlord to access it if they could.
Arguing otherwise does not make sense.0 -
Why don't you approach the FCA and ask for permission to access people's in depth credit files as you are a provider of credit?Miss_Samantha wrote: »Are all tenants made to pay the whole rent of a fixed term tenancy in advance? Can they be evicted the day after the tenancy has ended?
As said, whilst there are valid reasons to restrict access to the full credit record there are equally good reason for landlord to access it if they could.
Arguing otherwise does not make sense.0 -
Bluebirdman_of_Alcathays wrote: »Why don't you approach the FCA and ask for permission to access people's in depth credit files as you are a provider of credit?
I'll repeat again:
I understand that there are good reasons to restrict access to this information.
However, this does not mean that landlords have no need for it. It would be very useful for them.
I don't see the point in arguing that landlords have no need for this information.0 -
If they want it, they should go down appropriate avenues to obtain it. In this thread, people are for some insane reason suggesting that LLs should be given people's login details. However, as you know, if a LL approached the FCA they would be told to Frank Bough and stop wasting everyone's time.Miss_Samantha wrote: »I'll repeat again:
I understand that there are good reasons to restrict access to this information.
However, this does not mean that landlords have no need for it. It would be very useful for them.
I don't see the point in arguing that landlords have no need for this information.0 -
Bluebirdman_of_Alcathays wrote: »If they want it, they should go down appropriate avenues to obtain it. In this thread, people are for some insane reason suggesting that LLs should be given people's login details. However, as you know, if a LL approached the FCA they would be told to Frank Bough and stop wasting everyone's time.
Have you got anything to reply to my actual post?0
This discussion has been closed.
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