Financial History Report FAQs

Financial History Report FAQs

Credit Checks for Tenants

Tenant Financial Credit Checks

Partnered with Equifax Landlord Referencing is able to provide either a Basic or Detailed credit report.

A Basic Report includes the financial report for the address provided and and County Court Judgements.

A Basic Credit Check will only cost £7.00 (inc.VAT)
A Detailed Credit Check will only cost = £12.00 (inc.VAT)

Your credit checks will be stored in your Personal Report Archive where you can refer to them in future and will also provide notification as to if your applicant is eligible for rent guarantee insurance through our Partners RentSafeUK

Sample Report.

Credit Report for Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What Makes Landlord Referencing Credit Reports Better than the competition?

  1. Not only do you get to see all the data yourself to make an informed decision.
  2. You get easy notification of eligibility of Rent Guarantee Insurance.
  3. You get the UK’s ONLY Tenant History Report FREE!
Tenant History Report

Tenant History Report

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If you need any further information or want to know why it’s currently the best on the market the Call us today! 0800 9994 994

or contact us by email through the Contact page in the menu.

 

FAQs

Click on arrow for more information + click on arrow again to close
What's the difference between a Basic and a Detailed Financial History Report?

 

£7 BASIC REPORT FEATURES:

  • Risk Score
  • Alias data
  • Associate data
  • Supplied address data
  • Supplied address Electoral Roll data
  • Supplied address Court Judgements data

£12 DETAILED REPORT FEATURES:

  • Risk Score
  • Supplied address data
  • Alias data – up to 9 linked addresses
  • Associate data – up to 9 linked addresses
  • Electoral Roll data – up to 9 linked addresses
  • Financial Account data – up to 9 linked addresses
  • Court Judgements data – up to 9 linked addresses

What's the difference between you and other referencing companies?
What is a Financial History Report?

Credit reference agencies maintain information about applicant tenants and their credit history. This information is gathered on an ongoing basis from many sources that have extended their credit.

Landlords, lenders, employers, and other service providers buy that information in the form of a Financial History Report to help them decide whether to approve an application for housing, a loan, credit card, or job, or to offer a product or service at a particular rate.

What information do I need to include?

FOR BOTH THE BASIC & DETAILED REPORT
The applicant or guarantors:

  • First name
  • Surname
  • Date of Birth (dd/mm/yyyy)
  • Apartment/Flat No. (if applicable) AND House No AND Name (if applicable)
  • Postcode

We advise that you search the tenant’s/guarantor’s current address and their previous address (if they have resided at their current address for less than 3 years).

How do I access the Tenancy Application Form First?
Why do I have to provide a Date of Birth?

It is important to understand that Landlord Referencing Services is not a blacklist or a tracing agent, and now that we have the ability to carry out “real-time” searches via the LRS Credits system we need ensure that our members are recalling the correct data. Therefore a date of birth allows us to do this as it is specific to only one individual, coupled with the address.

What information is included?

Personal information. Compiled from credit applications a tenant/guarantor has filled out, this information normally includes their name, current and recent addresses, and date of birth, and current and previous employers.

Credit history. The bulk of an applicant’s credit report consists of details about credit accounts that were opened in their name or that list them as an authorised user (such as a spouse’s credit card). Account details, which are supplied by creditors with which they have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not they’ve paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, stay on a report for up to 6 years from the date of their last activity.

Inquiries. Credit reference agencies record an inquiry whenever someone’s credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on a credit report for up to two years.

Public records. Matters of public record obtained from government sources such as courts of law — including County Court Judgments (CCJs) and bankruptcies — may appear on a credit report. Most public record information stays on a credit report for 6 years.

What is not included?

 

A financial history report does not include information about a tenant’s current or savings accounts, bankruptcies that are more than 6 years old, charged-off or debts placed for collection that are more than 6 years old, gender, ethnicity, religion, political affiliation, medical history, or criminal records. A credit score is generated by information held on the applicant’s financial history report, but is not part of the report itself.

What do the terms on the report mean?

 

Notice of Correction (NOC) = A Notice of Correction is a piece of text, written by the person mentioned in the report, that they can request to have added to their Credit File. Someone may wish to do this if there is an item of information on their Financial History Report, which is factually correct, but they believe it creates a misleading impression.

Supplied Address = Address that the tenant has supplied you with to carry out the report.

Linked Address = Addresses that are linked to any of the applicant’s accounts within the supplied address.

Score = The report score indicates the credibility (or lack of) of the applicant tenant/guarantor.

  • Below 0 = Very High Risk
  • 1 – 100 = High Risk
  • 101 – 200 = High to Medium Risk
  • 201 – 300 = Medium Risk
  • 301 – 450 = Low Risk
  • 450 – 600+ = Very Low Risk

Alias = Previous Applicant Names (Through Marriage Etc.) linked to the applicant’s details.

Associate = Anyone associated with the applicant at searched address (Eg. Partner Or Spouse/joint accounts).

Electoral Roll = This data helps identify residents at the supplied address and their relationships to the applicant.
*Names that show up in this section of the report are the people registered on the electoral roll at that address – if the name of your applicant is not at the top then they are not registered on the electoral roll at that address OR have ‘opted out’.
(Click the next drop down bar for more info on the electoral roll.)

Financial Account Data for Applicant = This data tells you how many bank, building society, financial services, retail, mail order, communication and utility & rental and leasing accounts they have, how many accounts they currently have open, how many accounts they have closed, their oldest open account, their most recent opened account, their oldest closed account and their most recently closed account.

Court Judgements = County Court Judgements (CCJ) or Bankruptcy.
*In England & Wales CCJs are legal decisions handed down by county courts, that stay on a credit file for 6 years. Judgments for monetary sums are entered on the Register of County Court Judgments, which is checked by credit reference agencies to assess the credit-worthiness of individuals.

More info on the Electoral Roll

 

The law makes it compulsory to provide information to an electoral registration officer for inclusion in the full register, which is updated every month and published once a year.

The edited register contains the same information as the full register. It is not compulsory to have your details on the edited version of the register and you will be given the chance to opt out on the voter registration form which is sent to every household in the country once a year. The edited register is updated and published once a year and can be sold to any person, organisation or company and used for any number of purposes, including direct marketing.

Electoral roll data will reveal whether the applicant is living on their own or with another/others.If they have opted out and do not appear on the electoral roll this doesn’t necessarily mean that they are fraudulent – it could just be that the electoral roll has not been updated yet.
However, if they can’t be found on the electoral roll this will lower their credit score.

If someone decides to opt out of the electoral roll will the report come back completely blank - including; CCJs, bankruptcy, linked addresses, supplied addresses, alias data, etc ?

The Financial Report can still bring back the other data if the user is successfully identified, even if the electoral roll has been opted out of.

I have taken our a detailed credit report and it has not returned with any linked addresses. I understand the fact that the addresses need to be linked to the current address but through the NLA you can type in multiple addresses - why can't I do this through LRS?

The whole point of linked addresses is to show continuity and that continuity will run from address to address. If there is no continuity in the linked addresses you do not get an accurate story on the applicant; so if you can put in any address you like and leave ones out then you will not have a true and accurate story of what has happened in the past.

It is about entering in addresses that will reveal the past 3 years of the applicant’s financial history.

My tenant says they have a bank account at the address provided but nothing has shown up on the credit report?

When a tenant signs up to a bank account or any other financial commitment they have the ability to share that data with others over and above the credit rating companies. The credit rating companies still assess all bank accounts and credit agreements which are incorporated into their credit score. However they may choose not to pass this on to a third party, i.e. you.

Principally the tenant has to have given authority for their details to be passed onto a third party, which they haven’t done. However there will be a credit score on the report which will take this into account.

Once I have joined, activated my account, taken out a Financial Report and Tenant History what do I do next...?

The detailed report is acceptable for all Rent Guarantee Insurance products as long as no adverse credit is shown to exist. In order to carry out your full referencing package we recommend that after you have received your Detailed Financial History Report and taken out your Tenant History Report from LRS you should then:

Once you have received:

•  A satisfactory credit report with no adverse credit

•  A confirmation of identity and a credit score which is above 200+

•  A lifestyle reference showing no previous rent default or property damage registered on the LRS database by a previous landlord/agent

•  A bank statement confirmation of fluid cash flow

• A previous landlord’s reference (The landlord who is provided by the applicant tenant)

• An employer’s reference

you will then be in a position to evaluate your tenant for a new tenancy and will truly have the best tenant reference in the UK today.

Where is my report?

Please be patient – when you click Search it will take a moment and your report will open in a new Window or Tab as a PDF.

You can also access your completed Financial History Report(s) at any time by accessing your personal Financial Reports Archive.

If you have not received a copy of your report by email please get in contact with us – options at the bottom of this page.

I still don't understand my report - can you explain it to me?

 

Yes, please get in contact with your personal data controller – options at the bottom of this page.

Can I ask the opinion(s) of other landlords and/or letting agents to make a decision on this tenant/guarantor?

YES! CLICK HERE to visit our Community Forums – open 24 hours a day, 7 days a week.

Never post the sensitive details of an individual within the LRS forums. We advise refraining from using an individuals name unless the story can be backed up with factual proof, if needed.

As more people use the service we will add more frequently asked questions here.

So if you would like some assistance in understanding your Financial History Report(s) please

Click to contact us

 

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