Landlord Referencing Services Stay True to Their Word. | Discuss

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Landlord Referencing Services Stay True to Their Word.
15/03/2012
2:05 pm
Tenant Referencing
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Nearly 2 years ago LandlordReferencing.co.uk ultimately pledged to our landlord community that we would work as hard as possible for them and their good tenants to get this idea initiated:

Tenants Can Improve Their Credit Score.

With the current & ever increasing pressure on the Private Rented Sector Landlord Referencing had become extremely aware of the fact that there were a vast majority of good tenants out there who have awful credit ratings but are impeccable rent payers.

 

We are now extremely proud and happy to announce that as a company that has white labelled with Experian to offer our landlords the ultimate in tenant referencing THIS PRESS RELEASE  will simply add a greater opportunity to help good tenants as well as stop the bad ones out there.

This is a fantastic landmark & way forward for the future of the Private Rented Sector, both for landlords AND tenants in this country. Again, we are proud that Landlord Referencing can be party to assisting Experian in the future in any way we can, with our vast database, to work together on this revolutionary initiative.

Whilst still offering our fantastic free lifestyle references; yet still maintaining our unique identity and the security, privacy & respect of our community.

(We would hope) that the whole of our community know that we do this whilst still maintaining the privacy of Landlord Referencing's own databases and the security of their sensitive data within our systems.

Most property professionals will also know that due to the current economic downturn other large corporate referencing companies have sold on their data to other companies over the past year.

Lifestyle Referencing was not created by Paul Routledge to make a quick buck; but to simply protect his fellow landlords and agents.

Lifestyle Referencing with landlords and letting agents is about monitoring the information very closely and offering the personal touch, via our vast social community, yet still being ICO compliant.

It would NEVER be in our members interests, nor would it offer them any benefit whatsoever to sell out to a corporate company.

The sensitive and confidential data that our community provide us is with given to us in absolute good faith and trust and so we will always reciprocate that faith and trust to them by staying independent & true to our word that The Landlord Referencing Community is our Number 1 Priority.

Landlord Referencing Services HAVE NOT Been Taken Over By Experian. . .

15/03/2012
2:31 pm
Emma George
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I currently am in the private rental system, having been left in terrible debt by ex-husband my credit rating took a bashing it is only now 7 years on that I am finally in the clear and allowed credit again.  I really want to buy my own house something I can leave the children.  I had no idea that paying private rent did not count towards building a credit score - I feel quite miffed if totally honest! So YES YES YES credit where credit is due PLEASE!!!

15/03/2012
5:01 pm
Adam Hosker
West Yorkshire, England
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I am looking forward to entering client data, I have had one Tenant in our office today visiting our "Financial Advisor" for guidance on his Credit File due to him not wanting to have a Credit Card it was mainly bad news. With "unfortunately you need credit history for lenders to conciser you - here is a High Rate credit card that will accept you.."

 

Now with this news, as soon as Landlord Referencing can give go-ahead I will give him the good news. He is a tenant paying about £900 PCM without a missed payment for over 12 months.

 

In comparison - I have an ex-tenant with a court ordered eviction and monetary order. In the future I look forward to this to add naughty tenants bad history to the credit file and update Landlord Referencing for their Lifestyle Referencing.

 

I hope to put my views more elegantly in a blog post tonight.

15/03/2012
5:38 pm
Shep
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I just had a call from my Landlord to inform with regard to Experian seeing this as an opportunity to help people like myself to get back some sort of Credit Score. At present, my 48yrs shows me as a Zero due to unforseen Bankrupsy and I have paid my Rent on time every time for the last 2 yrs so it is great that something will now happen to my zero rating and at least I can get credit (not that I want it anymore). I take my Hat off for getting this off the ground and the Big Companies like Experian to see sense and take it on board, Thankyou

15/03/2012
5:47 pm
mary latham
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Emma George said:

I currently am in the private rental system, having been left in terrible debt by ex-husband my credit rating took a bashing it is only now 7 years on that I am finally in the clear and allowed credit again.  I really want to buy my own house something I can leave the children.  I had no idea that paying private rent did not count towards building a credit score - I feel quite miffed if totally honest! So YES YES YES credit where credit is due PLEASE!!!

 

Emma why not ask your past landlords to add their experiences of your rent payments to this site it is not too late.  If a past tenant asks me I will be more than happy to do it

15/03/2012
5:50 pm
mary latham
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Shep said:

I just had a call from my Landlord to inform with regard to Experian seeing this as an opportunity to help people like myself to get back some sort of Credit Score. At present, my 48yrs shows me as a Zero due to unforseen Bankrupsy and I have paid my Rent on time every time for the last 2 yrs so it is great that something will now happen to my zero rating and at least I can get credit (not that I want it anymore). I take my Hat off for getting this off the ground and the Big Companies like Experian to see sense and take it on board, Thankyou

 

I am so proud of your landlord for telling you this and for caring enough to want to help you because you have been a good tenant

15/03/2012
5:53 pm
mary latham
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Guests

This is great news for many tenants not just the ones with past problems but also for students who need to build up a credit history to help them to move into the world of work.

Many congratulations to everyone involved - Spring has sprung and brought with it a new beginning for so many people

15/03/2012
6:07 pm
Sally Pritchard
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Hi Mary,

I truly believe that as this site gets older, it is helping good tenants more than it is hurting the bad ones. I think that landlord referencing is really arbitrating for tenants and landlords to find great common ground to work together and create a better compromise in the rental market.

Blooming fantastic

15/03/2012
8:57 pm
PaulBarrett
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How will we know as LL what to do and when available to register tenants' rental payment history.

Will we be able to record out past tenant's history good and bad without their permission.

Will we need to change our LRS permission form to include the right to record tenant rental detail.

Well done by the way for coming up with an idea and rolling it out so quickly from conception; though I am sure you have been working way at this for some time.

It maybe that you need to change your name as you can be clearly seen as to protecting tenants' best interests aswell; so maybe LTRS!?

Landlord & Tenant Referencing Services

15/03/2012
9:10 pm
PaulBarrett
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YourLetting.biz said:

I am looking forward to entering client data, I have had one Tenant in our office today visiting our "Financial Advisor" for guidance on his Credit File due to him not wanting to have a Credit Card it was mainly bad news. With "unfortunately you need credit history for lenders to conciser you - here is a High Rate credit card that will accept you.."

 

Now with this news, as soon as Landlord Referencing can give go-ahead I will give him the good news. He is a tenant paying about £900 PCM without a missed payment for over 12 months.

 

In comparison - I have an ex-tenant with a court ordered eviction and monetary order. In the future I look forward to this to add naughty tenants bad history to the credit file and update Landlord Referencing for their Lifestyle Referencing.

 

I hope to put my views more elegantly in a blog post tonight.

 

Just as amtater of interest you say you are in the clear now.

Did all negative 6 yr old data drop off all your credit files or have you needed to contact all the relevant organisations to instruct them to remove them.

I have started the 6 yr process  and was curious as what I might need to do in 2017!?

15/03/2012
9:26 pm
Adam Hosker
West Yorkshire, England
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If old credit data is on your file after it Expires (That depends on if its a late payment, default or ccj) then you can contact the Credit Reference Agency's.

 

Im not an F/A for good advice you could arrange to meet a Financial Advisor or see the http://www.moneyadviceservice.org.uk/

The Money Advice Service is a free, independent service. Set up by government and are funded by a levy on the financial services industry.

Their advice only, I think.

If they are around in 2017 that's another debate - for now you may be better off coming to a Payment Agreement or Voluntary Arrangement to then "satisfy" the debt but like I said a Financial Advisor for advice.

16/03/2012
4:59 am
Paul Routledge
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PaulBarrett said:

How will we know as LL what to do and when available to register tenants' rental payment history.

Will we be able to record out past tenant's history good and bad without their permission.

Will we need to change our LRS permission form to include the right to record tenant rental detail.

Well done by the way for coming up with an idea and rolling it out so quickly from conception; though I am sure you have been working way at this for some time.

It maybe that you need to change your name as you can be clearly seen as to protecting tenants' best interests aswell; so maybe LTRS!?

Landlord & Tenant Referencing Services

 

Hi Paul,

 

Thanks for your comments and questions and everything is working now to get the systems slick and make it easy to capture the data required to add rent payments to the credit scores but the most important thing is that Experian have now announced that they are on board with the idea and are going to initiate the way forward for them to do it.

But the most important thing is that by them doing this, they will now be able to offer a more comprehensive reference on the credit and id front whilst we will be able to continue to offer the lifestyle reference and the pair will not end up being morphed into one giant corporate pot.

Of course the benefit of this for Landlords, letting Agents and good tenants alike is that their entire credit history and rental payment can be referenced through one source and whilst as a member of Landlordreferencing.co.uk Letting Agents and Landlords can still find out whether a tenant is socially acceptable.  Let us face it, as a Landlord, it is one thing having a tenant who pays the bills and meets their financial commitment and quite another a tenant whose lifestyle is abhorrent and their capers end up driving away other good tenants as bad neighbours.

In point of fact I had a situation yesterday where a tenant had let his 18 year old daughter borrow his flat while he was on holiday and she and her drug crazed boyfriend and his dog are a nightmare and started to have a massive physical and screaming fight in the middle of the morning which frightened their extremely meek and mild and quiet neighbours and who I may stand to lose because of it. We had to call the police to physically evict them.

The importance of Landlordreferencing.co.uk being a stand alone company is that I can now communicate with any future landlord on this tenant to say yes he is a good tenant and he does pay his bills but you need to ensure his daughter is not allowed into the property and that is why we will never merge with a big corporate as we need to protect our voice as individuals to offer references to one another because as we all know ..good payers do not always make good tenants. 

16/03/2012
9:56 am
Cedric
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How do you guys keep coming up with the goods ?

Paul Routledge for a seat in the coalition I say !!!Cool

16/03/2012
10:43 am
Sharon
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People get into difficulty for all sorts of reasons but if you have always been able to pay the rent then this seems like a really good idea. It would have been nice to have something like this when I was a renting tenant!

I also think that if Mr Grant Shapps put as much passion and drive into dealing with rogue landlords as Paul Routledge does in providing this service then we would be much closer to a possible solution!

16/03/2012
11:00 am
JB wright
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Paul,

 

Firstly I like your service its sound and very helpful service to us landlords.

 

I dont like your constant digs at your opposition/Competitors ie we will never sell out to a corporate etc etc bla bla bla after a while this shows you in a bad light.

 

Now before you start Nooooo I am not one of your competitors having a go just a landlord trying to run a business.

 

However I do smile when you state you have no intention of selling out to a corporate insinuating that experian have made an approach to you, having spoken to our NE area controller they know of LRS and allow you to white paper their product but have never offered or wished to take you over and don't see that changing.

 

Can you therefore stick to running this business in the professional manner in which you started.

 

Thanks

 

John

Ps I am waiting for the blacklash from you and the devoted bring it on chaps as I am going on holiday for two weeks!!    Wink 

16/03/2012
11:29 am
Adam Hosker
West Yorkshire, England
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Wrote a new Blog Post http://is.gd/0HBJwr but here is the highlights to save you from clicking:

Tenants Benefits:

  • A Payment History - Previously people had to have a Credit Card, Car Loan or other Credit on high rates to build a payment history. So in the future they could prove they can meet payments when applying for example - for a mortgage.
  • Low-Cost Credit - The inclusion of rent payment history can strengthen credit history potentially giving them access to cheaper credit deals
  • First Time Buyer Boost - As lenders can now see that tenants are paying X per month to rent, they will be able to deduce they can afford X per month in mortgage payments. Now that it is independently recorded at experian.
  • Easier Identity Verification - Financial organisation use credit reports for identity checks. Stronger credit reports help people successfully satisfy these checks avoiding the need to resort to slower paper-based methods.
  • Tenant Priorities - In "tight" times tenants may miss a payment on a debt but not on the home. The priority being that everyone needs a roof over their heads. Whilst orderly Letting Agents could refuse due to "bad credit" tenants can now show whist going trough a "difficult time" they DID pay their rent as a priority.

Landlord Benefits:

  • Tenant Rewards - A Landlord can reward good tenants by providing a detailed credit history. If they paid well they stand better ground in the future for credit or another tenancy.
  • Tenant Punishment - Whilst punishment is a hard word - it will allow landlords on "payment reminder" letters that late or unpaid rent will effect the tenants credit file, will effect tenants credit or housing application in the future.
  • Tenant Check - Whilst landlords completed credit checks orderly for bad credit - that resource could now include payment history from the previous landlords.

I have also emailed Experian asking them if Portfolio Landlords will be able to export the data to provide to Mortgage Lenders as "Proof of Rental Income". Im doubtful though optimistic it will be their from start but if its a feature that Experian can add. Landlords and Lenders can both benefit from a independent resource.

Will update this topic if they confirm/deny the feature.

16/03/2012
11:47 am
Brassed_Off_Britain
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"Can you therefore stick to running this business in the professional manner in which you started?"

I tend to agree with this statement as (I believe) one of the key factors in any successfull business is to avoid addressing personal matters in business relationship and attacking your competitors.
You should have enough confidence in your product that you don't even view yourself as having competitors.

Although, since reading the Guardian article from last Friday the penny has also dropped as to why the team at Landlord Referencing so vehemently state that they are unlike any other referencing company available in the current market to date.

Why were you ever compared to each other in the first place?

On reading this particular extract from the article

"Rival referencing site TenantID.co.uk offers a similar service. It was set up by Lorna Stevens, but is now owned by credit reference agency Callcredit. The site stores tenants' letting history, allowing landlords, agencies and local authorities to see if their prospective tenant has a good or bad track record.

Stevens says the site complies with the Data Protection Act and the Information Commissioner's Office because landlords need a tenant's permission before uploading their details – this can be obtained by adding a clause to the tenancy agreement at the outset."

I would be more than worried if any of my personal data had been uploaded by previous landlords onto either of these systems, considering the obvious and also that the previous company that TenantID ran before (TenantVet) was closed down due to a data protection breach.

Another oddity is that I just searched for TenantVet and their website is still live? Confused

16/03/2012
11:55 am
JB wright
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Thanks Brassed off,

 

Glad to see you agree with me and I thought I would get slaughtered for posting that I think Paul should go back to be professional once again.

 

Nice to see others feel the same.

 

Thanks again.

 

John   

16/03/2012
1:28 pm
rentpro
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Great news for tenants looking to improve their credit rating, and also to prove to other landlords that they are good tenants who pay the rent.

 

They are talking about it in the guardian: http://www.rentpro.co.uk/blog/.....dit-files/

 

Maybe someone though can answer this for me, for people who do end up or have had late and missed rental payments how badly will it affect their credit file?  Will this potentially put more pressure on people who are already struggling?

16/03/2012
2:47 pm
Adam Hosker
West Yorkshire, England
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It will put pressure on tenants to pay in order to not effect the credit file.

It will put cheap credit availability at risk for the tenant. – but taking out more credit when in difficult situation is never a good idea anyway.

I don't think it will put direct pressure on them effecting affordability to pay.

 

Technically it will put pressure on tenants ability to find another property (for cheaper rent) due to the missed payments. It may increase landlord evictions if tenants "stay" due to this.

With that being said – im all for it.

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