Landlords and tenants benefit from a new type of tenant reference: The 'Referencing Passport' | Discuss

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Landlords and tenants benefit from a new type of tenant reference: The 'Referencing Passport'
30/11/2016
4:00 pm
News @ Tenant Referencing
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  • Landlords and Agents: imagine not having to go through the hassle of referencing your tenants yourself; where all you’d do is hand them a leaflet and then the entire process was done for you, within a matter of hours/days…
  • Tenants: wouldn’t it be fantastic if there was a way to save money on the lettings process, as well as highlighting how reliable you’ve been in the past with keeping up on your rental payments?

What with housing legislation changing on an almost hourly basis – e.g. Right to Rent Immigration Checks, Lettings fees set to be banned in England and Wales, Section 24, etc – calls have been made for a new way of producing references for tenants, which could also benefit landlords and letting agents.

So the TR Group took this into consideration and have now launched The Referencing Passport for Tenants.

What is a ‘referencing passport’?

This proactive ‘referencing passport’ saves tenants money as it can be validated by any UK landlord or letting agent directly through TenantReferencingUK. Another important benefit is that if a reference is already in place, then the letting process is much quicker than it would otherwise be.

How does a ‘referencing passport’ work?

Valid for 90 days from date of issue (subject to no changes in circumstance), tenants or guarantors can pre-reference themselves for the purposes of creating a tenant passport to show any potential landlord and/or letting agent that they are:

  1. Financially secure
  2. Competent
  3. Have a good renting history

Can a ‘referencing passport’ help with a tenant credit score?

Whilst County Court Judgements are issued to tenants for rent arrears, the process can be a timely and costly exercise for landlords to pursue.

Some tenants know how difficult it can be for landlords to pursue them for the money owed – a situation that can be taken advantage of by rogue tenants and something that ultimately gives good tenants a bad name. Which is why landlords often insist on deposits that are six to eight weeks’ worth of rental income.

However, landlords can now have complete peace of mind as our unique ‘Tenant Histories’ can indicate whether a tenant has a flawless record where rents have been paid in full and/or if they’ve incurred any property damages. Which then gives landlords the option of choosing a different tenant instead.

In this way, it works like a credit score for the private rental market.

How much does a ‘referencing passport’ cost?

Tenants = £60 for each tenant on the tenancy agreement.
TR Group referencing includes: sending out electronic application forms, affordability calculation, full financial report, tenant history report, employers reference, previous landlord reference, financial payment clarification, ID verification, right to rent certification.

Guarantors = £60 for each guarantor.
TR Group referencing includes: The guarantor referencing includes sending out electronic application forms, affordability calculation, full financial report, tenant history report, employers reference (Non-home owner), financial payment clarification, ID verification.

Are there any extra benefits for landlords?

Landlords who use the TR ‘Referencing Passport’ system can access an effective 12 months Rent Guarantee Insurance policy at a reduced rate of £80 (inc. IPT).

The RentSafeUK RGI policy provides unparalleled protection against:

  • Repossession
  • Property Damage
  • Eviction of Squatters
  • Rent Recovery
  • Rent Arrears
  • Legal Defence
  • Hotel Expenses
  • Storage Costs

The TR Group Referencing Passport is easy to use, prevents landlords/agents overcharging tenants and is fully transparent; the way forward for the UK’s private rented sector.

Begin the journey of finding better rented accommodation today by clicking here.

Landlords & Letting Agents: Please get in touch and we’ll send you the new ‘Referencing Passport’ leaflets that you can give out to your applicant tenants. OR click here and download the online version to print off at home.

Related topics:

Innovative lettings ‘Passport’ enables councils to house more and save more

02/12/2016
11:44 am
Paul Routledge
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20/05/2011
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The Referencing Passport leaflets have arrived! Please get in contact with us and we’ll send you some ASAP.

19/12/2016
10:56 am
Paul Routledge
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Forum Posts: 3418
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20/05/2011
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I explain the ‘Referencing Passport’ here: 

22/12/2016
12:40 pm
Sharon Carmichael
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Hi, I have used this twice this week and have taken two fantastic tenants for two flats both of whom have qualified for RGI – so easy and such a tremendous product – you have to be a fool not to use it.  Thanks guys. 

05/01/2017
4:04 pm
Harold66
Guest
Guests

Your referencing is alot more fluid than any other company I’ve used. Take the ‘advanced referencing’ from AdvancedRent.co.uk for example. Their name is an utter joke to start with – ‘advanced referencing’ my a*** ! All it is is a well presented basic credit check. Yell

I can’t wait to receive my Referencing Passport leaflets, it’s going to make everything so much easier! Laugh

13/01/2017
1:07 pm
ChilliCheese
Guest
Guests

I’m so glad my applicant told me about this, it’s brilliant! Laugh

17/02/2017
4:46 pm
RRR
Guest
Guests

Good afternoon

With the referencing passport do you have to have a good credit check to be accepted?  I work full time in a secure job with the government but I do have a bad credit score…
17/02/2017
4:49 pm
DATA CONTROL
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Hi RRR,

This is not necessarily always the case as there are numerous factors that impact heavily on our referencing procedures. If you feel that you may struggle with a credit score, then it may well be worth thinking about getting a guarantor
 
Landlords typically assess applicants on a multitude of criteria, including the outcome of affordability assessments, employer & landlord references, as well as any information that you can provide that you are a suitable applicant for whatever property you are applying for. 
 
I hope this helps but if you have further questions, then please do not hesitate to contact us on 0800 9994 994.
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