There's no absolutely guarantee but having an effective screening process, which includes having your tenants complete a comprehensive Tenancy Application Form and doing thorough credit & reference checks, considerably reduces your risk of taking on a problem tenant. Remember though, you also need to verify identity.
If you open a bank account or undertake any form of financial transaction you will be asked to verify your identity. This usually involves producing original copies of documents such as passports and driving licences (documents with photographs) for personal identity, plus bank statements and utility bills to verify address (residency) details. As a landlord or letting agent you should always verify a tenant's identity. Use our ID Certificate
TenantVERIFY® was one of the first to offer an on-line tenant verification service. We believe we offer a high quality, cost effective and speedy service which satisfies the needs and safeguards the interests of busy landlords and letting agents. We are continually developing the capability of our on-line systems for speed, reliability and ease of use.
Go to TenantVERIFY.co.uk and register for a free account. Have your tenants complete one of our free down-loaded Tenancy Application Forms - keep this safe and secure for your future reference. Login to your account and submit the required information. Pay on-line though the NetBanx secure system. You will receive your detailed report by return.
TenantVERIFY® is a LandlordZONE® independent service, a well respected name within the letting industry, a service helping landlords and letting agents since 1999. We pride ourselves on providing free comprehensive information and value-for-money services. We are members of the Safebuy web code of practice, we use Comodo SSL web site and e-mail security and the NetBanx secure on-line payment system. We are registered with HM Information Commission for Data Protection.
Basic Checks are normally returned within two hours, if received within a working hours time frame. Comprehensive Checks, which involve us making contact with, and getting replies from, referees, are targeted at 2 working days maximum. Fast Comprehensive Checks are available at a premium price where we will attempt to verify references the same day, providing the application is submitted before 12 noon. Our working hours are Monday to Friday excluding bank holidays.
Guarantors provide an extra element of security for the landlord by guaranteeing to pay rent or damages should the tenant default. Guarantors are usually required when the tenant:
Note: Guarantors must have seen and approved the rental agreement before signing a legally binding deed of guarantee.
I am concerned that my tenant or guarantors will not want to divulge salary, bank account and other quite personal details. Will this be a problem?
This is a question we are occasionally asked and landlords or agents quite naturally feel they are being intrusive. However, look at it this way: you are handing over an asset and giving a legal interest in a property which is worth perhaps £100,000 or much more. If you go to your bank or building society for a loan you will be asked just as many personal questions, if not more.
You really do need to make sure that your tenants can afford the rental or that your guarantor can afford to pay the rent if your tenant defaults.
Unfortunately, we cannot give you a recommendation without this information. We find that in practice, as this process is so common and generally accepted nowadays, and as this process is approved as a necessary requirement by the Information Commissioner's Office under the Data Protection Act, very few people object.
Of course, the onus in on landlords and letting agents to convince tenants and guarantors that the information is kept totally secure and confidential and in accordance with the Data Protection Act principles. If tenants refuse you can understand their reluctance, with identity theft in mind, but also you have got to ask yourself: have they got something to hide?
FICO is the acronym for Fair Isaac Corporation, a publicly-traded corporation in the U.S which developed a method of credit scoring now widely used and recognised among the main credit reporting agencies (Equifax, Experian etc) as a FICO score. They calculate a borrower's credit score based on information held on the individual's credit file using their own different computational formulas and statistical methods to determine a credit-worthiness score.
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