Credit checks

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    Credit checks

    Hi

    I am a landlord renting my property myself just wondered which credit checking agency I should use to vet my tenants and also I am asking for 1 months rent as a deposit and then the rent the day they move in. Should I be asking for more like 6 weeks rent the day they move in - or what do others suggest pls? sorry new landlord still learning.

    Thanks

    #2
    Hi there,
    I ask for 6 weeks rent as a deposit always. Have used many agencies in the past but last was Tenant Verify. I think most important is trying to ge a previous landlord ref and personally checking out employers refs - don't rely on others.

    If taking rent by chq make sure ALL funds are cleared before handing over signing the agreement and handing over the keys.



    Freedom at the point of zero............

    Comment


      #3
      I have also used Tenant Verfiy - you can print off the application form from their site and pass to the tenant to complete all the info, then use that to submit an online application for the checks.

      In addition, speak to the tenant's previous LL (and the one before that if you can), and their employer, and have a chat about them - much better than a written and impersonal reference letter.

      I take 1 month's deposit, but it is entirely up to you. I take it you understand the deposit protection rules and will comply with that as soon as you get your tenant's money? Also, I always give the tenant a draft copy of the tenancy agreement ahead of the signing day, and suggest that they read and check they understand all the clauses, as once signed it is binding on you both. Expecting a tenant to read and fully appreciate a complicated legal document in a few minutes whilst you are waiting for them to sign it, is not really fair on them.

      As above, do not hand over the keys until you have cleared funds in your hand or account!

      Comment


        #4
        I used Tennat Verify as well and it was a straight forward process.

        Comment


          #5
          Originally posted by DonnaGregory1 View Post
          Should I be asking for more like 6 weeks rent the day they move in
          Are you talking about taking 6 weeks actual rent in addition to the deposit?

          Or taking a deposit of 6-weeks' worth of rent, in addition to the first rent payment?

          Comment


            #6
            We request on moving in:
            - One Months Rent (In Advance) - (or if LHA 5 weeks, as Benefits pay 4 weeks in arrears)
            - Equivalent of One Months Rent for Deposit (Unless LL has furniture, or T has Pets).

            As for Credit Checks, we do our own so can not help you their. Just ensure its an Experian credit check as they are the "main" ones.
            Doing referencing you should get a copy of the tenants ID, past landlord and employment details. Give employer and past LL a call.

            Remember to secure your deposit in a government approved scheme, or your tenant may sue you - no matter how good your intentions are to pay it back. Id also recommend you do a inventory with tenant and get it signed - otherwise the deposit will get returned no matter what.

            Comment


              #7
              Originally posted by kfarmah View Post
              I used Tennat Verify as well and it was a straight forward process.
              We used tenant verify- last year. Right now we have problems with a tenant--who was cleared through T V - and guess what ? Lots of debts that did not show up.

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