Should referencing company ask for bank details?

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  • #16
    Originally posted by jjlandlord View Post

    How do they do that?
    http://www.pcapredict.com/en-gb/bank...on/try-it-now/

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    • #17
      That web site simply converts the sort code to a bank branch (from a publically available list) and checks that the bank account number is valid for the sort code, using the check digits embedded in the account number.

      The IBAN number is generated from the other data automatically.

      It's not actually checking whether the account exists, and can't tell who's account it is or whether it's in use.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      • #18
        Thanks. But I think this as JPK says: They verify that the account number is valid in itself, they don't check with the bank.

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        • #19
          Originally posted by Claymore View Post
          Of course you provide your bank details. Its not invasive. Its standard. If you were a prospective tenant with frequently bounced standing orders etc - landlord would not want you as a tenant. If you have nothing to hide, you have nothing to worry about.

          No body actually sees your bank statements.
          I ask for actual bank statements - if not provided it would be bye bye, sorry... go invade someone else's 500K asset. Never had a problem, and it isn't a problem.

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          • #20
            Hi, I posted the other day about questions the reference agency was asking of us as tenants. We have a decent combined income and good credit etc but I am about the complete the purchase of a property and therefore can't be on the tenancy or be referenced for another few weeks and my other half earns well but 40% of it is commission (very steady he's been there 15 years) meaning we need a guarantor until I can be referenced and added to the tenancy after my completion. With me?

            We have a willing and able guarantor but unfortunately he is very unhappy about the intrusion of all the details they want too know about him. He is fairly well off but wouldn't ever let anyone know about his finances it's just his way. He's also v protective of his personal data. Not ideal for referencing.

            We've offered the landlord 6 months rent in advance, I can be referenced and added to the tenancy in around a months time or less and we'd definitely pass as a joint application. In the mean time I've sent the LL my credit scores and outlined a few details of income have offered anything else he needs in person (bearing in mind we haven't met him yet it's all gone through open rent and phone calls) to show that I will pass referencing when the time comes.

            Would you be ok with this arrangement? We are only so keen as the house is perfect in a development we love and we want the kids in new schools for September.

            Do you think there's any more I could do?

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            • #21
              Two related threads have been merged
              I also post as Mars_Mug when not moderating

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              • #22
                Originally posted by MrsPicklesonsmythe View Post
                but I am about the complete the purchase of a property and therefore can't be on the tenancy or be referenced for another few weeks and my other half earns well but 40% of it is commission (very steady he's been there 15 years) meaning we need a guarantor until I can be referenced and added to the tenancy after my completion. With me?
                We have a willing and able guarantor but unfortunately he is very unhappy about the intrusion of all the details they want too know about him. He is fairly well off but wouldn't ever let anyone know about his finances it's just his way. He's also v protective of his personal data. Not ideal for referencing.

                We've offered the landlord 6 months rent in advance, I can be referenced and added to the tenancy in around a months time or less and we'd definitely pass as a joint application.
                It is all way to secretive for me. I would give you a pass. How does your completion affect matters in the way you suggest?

                Originally posted by MrsPicklesonsmythe View Post
                Do you think there's any more I could do?
                Give them all the information they want. The commissions will be in your other half's tax returns so pass those over.

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                • #23
                  If the new rented property is as desirable as you suggest, why are you hoping to complete on another property in near future, which has prob been credit referenced already? Any new/credit renewal could affect your credit rating/score.
                  Is this a way to beat a school catchment area requirements? Just asking.

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                  • #24
                    I've lived in a council place for long enough to have accumulated rtb with a significant discount would be daft not to take it up as it's a London property but we don't want to live there any more. I have to complete before I can be a tenant elsewhere nothing secret though.

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                    • #25
                      Last time a tenant said that to me it turned out that they hadn't submitted a tax return for any of the 5 years they claimed to be trading. While their tax affairs are their business, I wasn't able to verify their income so declined to accept them.

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                      • #26
                        I conduct a tenant interview in addition to independent referencing.
                        I ask to see bank statements + copy of recent utility bills + current tenancy agreement. I review statements with the tenant, asking them to show me the utility and rent payments being made out of the account. I note min/max balances, monthly, and check that the tenant's addresses all tally and match those on the tenancy agreement. I have a simple form with tick boxes, so I can note that these checks have been made, but I don't take copies of anything.
                        If the prospective tenant can't show satisfactory evidence of maintaining a tenancy recently ("I've been living with my parents"), I'm happy for someone else to take them on.

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