applying for a rented property with DMP/defaults

[Phoenix nights]

Hi

 

I am currently applying for a rented property through an estate agent. 

From doing some research from the web, most forums were saying they only check for CCJ's, Bankruptcy and electoral roll (public info).

so should be fine!

 

I am on a DMP with stepchange and have no CCJ's, etc.

 

However the company the letting agents use are Let Alliance, who have sent me an email saying it is all electronic and to tick the box for open banking

so my bank can send info etc, also call credit will supply credit check info?

 

This has me worried as my credit report has defaults from 2-3 years ago.

 

I can afford the rent etc, so not sure if I should tick the box for open banking or it takes longer if i dont?

 

Has anybody had any experience with this?

 

any help would be appreciated!

 

Thanks

[fkofilee]

So they are using Open Banking for affordability checks... The industry is going that way it seems. 

It sup to you. You dont have to let them in  

 

[Phoenix nights]

Thanks fkofilee

 

Yes let alliance one of the first apparently.

Agree I can tick to disagree the option. 

 

However on their website they claim they will get a credit report from TransUnion formerly call credit regardless, hence the stress. 

Happy for them to ring employer for salary confirmation and verify current address via credit check and no ccj, bankruptcy etc. 

 

However being on a dmp and having defaults adds to it. 

[London1971]

Hey,

 

Got anyone who you can use as a guarantor?, I used my parents for many years.  That's the best way of avoiding a credit check.

 

On the other hand defaults that are a few years old might not even be an issue.

[fkofilee]

I think that they will only do a Credit Check checking that stuff  

They will only check public databases etc so I think you might be safe

 

[Phoenix nights]

Hi

 

Yes father is happy to be a guarantor, but wanted to see if all is ok without. 

 

I am hoping the open banking section is just n easier way to confirm salary going into the account. The more I look into it the more scary it seems!

https://www.letalliance.co.uk/letting-agents/same-day-referencing/

[London1971]

Perfect.

 

You have a plan B and can relax.

[Phoenix nights]

Thanks.

 

hopefully it will all go through.

 

and if not can ask father as guarantor, although that option may no be available on that property etc etc.

 

My main concern was how let alliance is using open banking and whether they can see outgoings as well as incoming funds.

 

The reliance on an algorithm rather than a human to decide if the tenant is OK or not is another factor.

 

However no different to if they asked for last 3 months statements etc.

 

my other concern is there is a payment to step change every month! on it! (soon to stop, and control myself, with the help of this forum).

 

Finally the 'possibility' with call credit (Transunion) supplying credit report to let alliance.

 

Would you allow open banking sharing with Let Alliance in the above scenarion?

[Ewaver]

On 07/01/2020 at 15:31, Phoenix nights said:

Would you allow open banking sharing with Let Alliance in the above scenarion?

Hello, just checking whether you got through their checks? I am in similar situation for a flat in Birmingham. Awaiting Let Alliance email for permission. Please let me know. Thanks. 

[Phoenix nights]

Hi Ewaver

 

Yes the checks went through fine thankfully.

I did not allow access to open banking.

 

The process allows you upload wage slips etc or give access to open banking.

 

Whether that made any difference, i'm not sure.

 

Good luck, with yours!

[Ewaver]

16 hours ago, Ewaver said:

Hello, just checking whether you got through their checks? I am in similar situation for a flat in Birmingham. Awaiting Let Alliance email for permission. Please let me know. Thanks. 

 

perfect. Thanks a lot. I am starting my application now without open banking access.