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12:11 pm
20/05/2011
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Quote
Are you a tenant who
- pays your rent punctually
- keeps your rental property in faultless conditions
- but are still missing out on bigger and better rented properties because of your poor credit rating?
Are you a landlord or letting agent that would
- like to see your good rent paying tenants rewarded
- encouraged to continue to pay their rent
- and encouraged to keep your property in excellent condition?
With the ever increasing pressure on the Private Rented Sector at the moment we have become extremely aware of the fact that there are a vast majority of good tenants out there who have awful credit ratings but are impeccable rent payers.
We are now currently talking to a major Credit Referencing company to add your rent payments to your credit file to repair your credit history.
With more and more UK residents now renting; we believe that this would be exceptional news for
- many renters who always need ways to boost their credit score
- repair their credit score
- repair their reputation
- open up the rental market to renters on a much larger scale
- and bring those who dream of owning their own home one day closer to their dream.
This would also be great news for landlords and letting agents as they would be able to
- help out their good tenants
- and also encourage them to stay good tenants!
So, landlords & letting agents ; would you like to help your good tenants out, by simply registering them and their good payment history?
And tenants; would you like your exceptional rent payment history to be recognised and added to your credit file?
Why should you be judged when your credit score does not reflect your real payment history?
And why should mortgage payers have more rights than rent payers???
Considering at the moment rent payers probably pay 100% more than most mortgages; with the current interest rate.
And tenants PLEASE pass this page on to your fellow renters and let's get your rental payments included in your credit score SOON!
Never heard of LandlordReferencing.co.uk before? Read all about us here.
We are the ONLY Lifestyle Referencing Company in the UK.
We are also the safest way for a landlord / letting agent to reference their tenants as we are manually data-controlled, whereby ALL other referencing services are automated, which inevitably breeds rogue landlords & incorrect & fraudulent data.
We also DO NOT GIVE OUT ANY SENSITIVE DATA on uploaded tenants to anyone, not even our members! We only ever give out the tenants previous landlord / letting agents details.
Just how secure ARE you?
2:05 pm
15/12/2011
Offlinebrilliant guys, another first by Landlord Referencing – I wonder how long it will take for others to follow and imitate your idea?! **cough "Maters & Co" cough** 
I've showed a couple of my tenants this article and they think its brilliant too! and I'm getting them to refer their past landlords to you too! 
2:08 pm
This is great guys!! You're all doing a great job for both landlords and tenants.
2:15 pm
12/10/2011
OfflineI am with you all the way on this one. Fantastic idea. This will enable landlords to protect themselves further and reduce their risks. Good tenants benefit also. How many good tenants have been refused accommodation because a landlord may have misjudged them? This system will enable a landlord to make an informed decision as whether to let a property to someone or not. And it will weed a LOT of the bad tenants out. You have my vote!
2:56 pm
Wishing you all the best with this excellent initiative. When you you get interest from a credit referencing company that can be openly shared please let me know and I will be happy to give the concept further exposure in our Newsletter which now has a weekly disbribution of over 500,000.
3:30 pm
20/05/2011
Offline
Mark Alexander said:
Wishing you all the best with this excellent initiative. When you get interest from a credit referencing company that can be openly shared please let me know and I will be happy to give the concept further exposure in our Newsletter which now has a weekly disbribution of over 500,000.
Hi Mark,
We have two agencies that are interested in joining with us at the moment, to data-share to help tenants.
It's just a case of how we format the data to be compliant, acceptable and safe.
But considering what we have achieved with the Lifestyle Referencing, which they said could never be done, it is just a case of working it out.
Good tenants deserve recognition for their good payment record and not just on our system but nationally.
I have tenants who have suffered at the hands of the recession through no fault of their own, who have come to me as bankrupts and paid me every week, week on week for over 2 years.
"Where is their merit for this apart from being registered with us, if a previous landlord checks them?" = nowhere!
It's time they had a voice and that voice will heard from this sites pedestal.
Mores the point, the very products that the good tenant would be insured against with RGI , i.e. paying their rent – they would be turned down for, even if they had 3 years clear payment records, because they had a bad credit reference – it just doesn't make sense!
And in the same vein; insurance companies are underwriting bad tenants because they have a good credit score and at the same time we are sending tenant alerts out on them telling landlords that they have just left their previous landlord owing thousand and thousand of pounds in Rent Defaults & Property Damages!!! Truly maddness! But again, Landlord Referencing's data will bring these people in line and stop the conmen.
We have 1000's and 1000's of tenants registered good and bad whose rent payment records totally conradict their credit score and that needs to be changed and thats what we intend doing.
Thank you for your kind offer 500.000 would certainly help get the message out there more for us.
3:57 pm
02/12/2011
OfflineWicked!
It’s about time good tenants got a chance to get some recognition! Just because they missed a couple of CC payments, whilst the bad ones who keep their credit score clean (to cheat Landlords) will get shown up for what they really are.
A great tool to balance the books.
4:24 pm
12/10/2011
OfflineWhat an amazing idea! I think it would be great for my good tenants to benefit from this and will start spreading the word!
Like Paul we also have tenants who have suffered due to the recession and this would be a brilliant opportunity for them to move forward and get the good recognition that they deserve; whilst making sure that bad tenants don't continue to duck under the radar!
9:37 pm
It sounds a good idea, I would like to know more of the detail, like what happens if the agent hasn't registered their payment history for some reason, would this go against them? Would late payments show up and if so after how long and what would be the reporting mechanism to the credit company, but in theory could be a good thing especially if we as agents when referencing can see good payment history, it would certainly help with referencing.
11:46 pm
12/10/2011
OfflineA fantastic idea.
This will effectively get good tenants onboard aswell as good landlords.
To make tenants aware that to behave and conform to their AST will be good for both parties.
There would be clear effective benefit which would drive down further the instances of wrongun tenants.
To make tenants more aware of the ramifications of deviant behaviour and the advantages of behaving correctly so as to advantage themselves in sourcing tenancies.
With the continuing increasing prevalence of 'generation rent' it is of vital importance that you have a good rental payment record.
This has never been available as private LL are specifically excluded form advisng credit reference agencies of anything.
Only CCJ's may be applied and that is down to the County Court to do this.
Sometimes the LL has to instruct the Registry Trust to apply the CCJ to relevant credit reference agencies.
But a briliant idea and not before time is this being introduced.
Perhaps now the non-believers in the LRS methodologies will eat humble pie and come on board to the full LRS services.
It will clearly be to their advantage as they will have additional credit history to maker a judgement on.
RGI companies would love to have access to rental payment histories to assist them in their credit risk managment.
Onward and upward with LRS!!
6:16 am
20/05/2011
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Sally Lawson said:
It sounds a good idea, I would like to know more of the detail, like what happens if the agent hasn't registered their payment history for some reason, would this go against them? Would late payments show up and if so after how long and what would be the reporting mechanism to the credit company, but in theory could be a good thing especially if we as agents when referencing can see good payment history, it would certainly help with referencing.
Hi Sally,
Great questions and they will all be answered as we iron out the mechanism to make it safe, compliant and most important fair. No one will be penalised for an Agent or Landlord not registering a tenants payment history or defaults it just wont show, so the good payers wont get the credit and the bad payers wont be sussed out on their credit file and they will just stay as they are now.
Hopefully this will get the good tenants to push their Agents & landlords to register them and the bad tenants will be registered with us as they are by the 1000's at the moment.
As you say it will add great weight to a credit file if both Landlords & Letting Agents can see a great rental payment track record and an accumulative score which can be RGI insured against.
A person who couldn't pay their credit card when someone like MBNA upped their interest for no reason from 2.99% to 32.99% and yet paid their rent on time and constantly throughout, should not be penalised for MBNAs greed and the lack off legislation in place to stop them.
9:37 am
15/12/2011
OfflineAbsolutely fantastic idea Paul.
Why on why have some of our £66,000 per annum Members of Parliament not come up with this idea before.
And why is such a good concept been left to this site?
This idea deserves to fly and fly !!!
9:48 am
12/10/2011
Offline
Sounds like a great plan and one that is well overdue. But I do have a few questions.
- If this gets the go ahead, will it be open to LL and LA alike?
- What level of evidence will be required that they have defaulted to the agreed level
- What would the agreed level of default be? (Time, amount or both??)
- What audit trails will be required.
- That will do for now
My greatest concern would be how it could be abused by an unscrupulous landlord or agent. Putting on tenants that have a good payment history is one thing and will clearly have no arterial motive, but what if the agent or landlord gets the hump with a tenant and adds them ad hoc with no checking. Lets face it, there are stories spread all around the internet on how people have their credit rating affected through an "error".
10:49 am
09/11/2011
OfflineFabulous initiative 
and if all the checks and balances you are talking about are put in place it will bring real and huge benefits to both tenants and landlords. I agree with previous posters that many peoples credit scores don't accurately reflect their payment integrity. The undischarged bankrupts I have knowingly let to have never missed a rent payment for the duration of their tenancies, one 3 years and the other 4 years and ongoing. The reason is they are financially responsible people who suffered unintended financial traumas (both business failures in my case), and are actively trying to restore their financial base and credit worthiness. The key is in incisive tenant-selection and your brilliant initiative here will make that so much easier for landlords. Great idea
9:00 pm
Excellent idea Paul. I hope you can find a way to make it work. A homeowner's mortgage payment record is reflected in their credit score; it stands to reason that a tenant's rent payment record should be too!
5:13 pm
01/02/2012
OfflineLynne,
You are absolutely correct in your comment that a tenants Rent payment should be reflected in their credit score.
On a daily basis we are receiving Rent and property deficits which I am finding staggering and it does beg the question whether it is an easier option for a tenant to pay their credit/store card payments and maintain a reasonable credit score while screwing their Rent payments.
I am also aware, as we all probably are of someone similar, of a tenant who lost her job and found herself in a downward spiral of debt but was determined to pay her rent through this difficult period in her life. She did receive Housing Benefit and how easy I suspect it would have been to pocket this money to pay other living essentials. She didn't though and received defaults which are now on her credit file for a very long time.
So yes, I do believe that this is is an innovative idea in the Letting market.
10:18 pm
What score do you think Doreen should get?
http://www.property118.com/ind…..nts/24271/
2:09 pm
20/05/2011
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mary latham said:
What score do you think Doreen should get?
http://www.property118.com/ind…..nts/24271/
Hi Mary,
In Malta and its sunny just got back to the room to see we have moved up to 16,873 in the UK, the voice of landlords is getting stronger. Love the video .. now I know what loads of my tenants have got lol xx:-)
Maybe Shelter just has to stop being so defensive about how tenants are all good and landlords are all bad and maybe embrace a unity of compromise to find that working with landlords may actually get them more.
The problem I see it is they are not just a charity that helps the vulnerable anymore they have become a brand associated with supporting the likes of our Doreen and those with the same disease.
2:54 pm
I agree Paul we all know that people like Doreen exist and we all know that there are many decent people who need help from time to time. It is only when Shelter accept that there are two types of people who claim benefits that landlords will begin to listen to them. Landlords organisations accept that there are rogue landlords but these are not the landlords that we support – Shelter need to follow suit because the changes to LHA are being caused by the need to reduce the housing bill and this means that those in need will suffer while those who could easily work continue to drain the pot. Your new system will help landlords to identify the good LHA tenants.
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