by Mary Latham
14:47 PM, 20th March 2012, About 10 years ago 8
After reading Experian launches rent payment profile for tenants, I am perfectly prepared to give a person a chance for a new start but I cannot afford to take people who will not pay their rent. Many landlords feel like this too. Many of us are in a position to pick and choose our tenants and just won’t take a chance but we all need to remember, as the all financial investments warn, “Past performance is no guarantee of future” and those landlords who avoid tenants on LHA are just one P45 away from that tenant.
In my opinion, Experian are offering financial inclusion for the many people who have gone through a difficult time and have poor or no credit history. Most of us have made mistakes but unless we are allowed to move on we cannot get our lives back on track. Landlords are often nervous because we have no idea which people are trying to move on and which are going to continue to be bad payers. This, in my opinion, will help us to sort out those two groups and reduce the risk when taking a new tenant.
Even tenants who have had a long good credit history can lose their jobs, go out of business, end a relationship and all these things impact on the financial stability of that person and can ruin their credit rating. Many tenants become trapped when they take expensive loans to get them to pay day and they will now qualify for more affordable loans which will put less pressure on them and enable them to continue to pay their rent.
This is what I am going to do to use this service to help me with two of the biggest problems facing landlords in the PRS at the moment – to protect those rent payments and prevent antisocial behaviour:
The reason for this last point is that I have often been approached by people who have lived abroad, have lost their jobs, who are recently separated or divorced or people newly out of education and often they have no credit rating in this country or their financial history is tied up with a previous partner/spouse.
Loss of rent, damages and antisocial behaviour are the biggest potholes in a landlord’s road I now feel better equipped to spot and avoid them.
Experian have changed the landscape for landlords, reducing the risk and encouraging tenants to prioritise rent payments–
I love it!
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