How to affect credit ratings as a landlord??

by Readers Question

11:34 AM, 27th October 2014
About 4 years ago

How to affect credit ratings as a landlord??

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How to affect credit ratings as a landlord??

… a landlord needs to affect the credit rating of a tenant who is in arrears. How to affect credit ratings as a landlord?

Is this possible ??

Landlord misses mortage payment and rating is effected.

Not so with rental payments as far as I am aware ??

(less civil court).

Regards

Lord Foster



Comments

Mark Alexander

11:36 AM, 27th October 2014
About 4 years ago

I agree that it doesn't seem right that a credit rating can be affected by a late payment of a mobile phone bill but not six months of rent arrears unless a CCJ is obtained.

Question is, how can this be changed?
.

Paul Routledge

12:24 PM, 27th October 2014
About 4 years ago

This is why we've created our Tenant Reports. Credit ratings don't tell all- just because someone is earning enough to pay the rent doesn't mean that they will or that they'll look after your property. The only truly reliable reference is going to come from the previous landlord. Our system puts you in touch with previous landlords so that you get an honest report.
So without a CCJ you can't do anything about a tenant's credit rating. You can however come and talk to us about warning other landlords and start building a Tenant Report on your previous tenants.

Mark Alexander

12:30 PM, 27th October 2014
About 4 years ago

Reply to the comment left by "Paul Routledge" at "27/10/2014 - 12:24":

Hi Paul

I was delighted to hear that you had added tenant referencing services and RGI to the portfolio of Landlord Referencing offerings.

You already have a good core following of landlords but I think that adding these services can only improve the take up of your core service whereby landlords share information on the lifestyle habits of their tenant.

The more established RGI insurers such as Homelet, FCC Paragon, DAS etc. already have a very comprehensive databases of bad tenants of course due to the claims they have had on the policies they have underwritten. I just wish you guys could all find a way of getting together to create one centralised portal where this information could be accessed easily and cost effectively by landlords and their agents alike.
.

Mandy Thomson

12:52 PM, 27th October 2014
About 4 years ago

Reply to the comment left by "Monty Bodkin" at "27/10/2014 - 11:41":

Hi Monty

This sounds like a great initiative - I've requested further information with a view to signing up.

This would provide the exact same service that the OP wants, which makes sense; as Mark (Alexander) says, why should it be that someone can miss a mobile phone payment and their file is marked, but run up £1000s in rental arrears but get away with it unless they're taken to court?

Obviously, missed rent payments don't tell the whole story about a tenant (the situation could be beyond their control, and we could all find ourselves in this position) which is where delinquent tenant databases such as Paul Routledge's excellent service come in. However, delinquent databases only work retrospectively, usually after the tenant has moved out, or at least caused significant problems, whereas the credit reference agencies' databases are updated every month.


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