MARAS credit check - what does it actually check?

[PlanB]

Re: MARAS credit check - what does it actually check?

I've sent Niddy and Riz an email exchange between me (Landlord) and a Letting Agent which demonstrates that I was told about a prospective Tenant's Defaults as showing on a CRA file by the referencing company. I'm forced to accept that they shouldn't have done this (so much easier than reading all those boring documents) but nevertheless it does happen.

The last time we had this argument it ended in tears and the whole thread got deleted, so I'll leave the other two to debate it without me

[Never-In-Doubt]

Re: MARAS credit check - what does it actually check?

Lol we generally agree. I think it's because both Riz & I pretty much understand the whole CRA process and governing rules so we always voice an opinion. Generally we agree like this thread. Nothing to discuss as we both agree that a default wouldn't ordinarily be seen by a referencing firm.

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

Usually they get the info by scaring you into admitting it on the application as SnV found out. I told him to not to mention defaults but I think he might have. In theory if you don't tell them they'll never know as a default is NOT public info.

I said I missed a couple of payments 4 years ago but nothing more

Hopefully that covers the bases if something comes up, but isn't alarming by mentioning defaults.

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

This is a really interesting discussion thanks!

It does raise questions of accountability should a landlord get stuck like PlanB if a letting agent has used a firm that carries out a 'credit check', only to find that it only searches public information.

There is also the point that if CRA data were opened up then the power that the CRA companies have over peoples lives is becoming more significant and there is real danger with that knowing the abuse that goes on from creditors with how they report data to the CRA's.

Would we be in the position that people could be declined a rental because they miss an electricity or mobile phone payment?!

I'd like to think not but my experience over the last few years means I don't trust the finance industry at all!

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

I've sent Niddy and Riz an email exchange between me (Landlord) and a Letting Agent which demonstrates that I was told about a prospective Tenant's Defaults as showing on a CRA file by the referencing company. I'm forced to accept that they shouldn't have done this (so much easier than reading all those boring documents) but nevertheless it does happen.

Just a thought on how else this could happen - the application form (supported by payslips and a bank statement) would provide an unscrupulous vendor enough info and the opportunity to register with the CRA's under the guise of the applicant, and get a report that way.

[PlanB]

Re: MARAS credit check - what does it actually check?

the application form (supported by payslips and a bank statement) would provide an unscrupulous vendor enough info and the opportunity to register with the CRA's under the guise of the applicant, and get a report that way.

It'll be fine. You're just getting paranoid.

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

Paranoid or burned. You'll be telling me the moon landings actually happened next!

[PlanB]

Re: MARAS credit check - what does it actually check?

Any news? MARAS pride themselves in delivering a response to a reference check within 48 hours, yet you've been sweating it out for a whole week



Is this the property you really really wanted in your other thread here: http://forums.all-about-debt.co.uk/s...l=1#post390874

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

Any news? MARAS pride themselves in delivering a response to a reference check within 48 hours, yet you've been sweating it out for a whole week

No not yet PlanB - according to the letting agent they have had several applications now so the landlord is chosing which tenant they want.

Is this the property you really really wanted in your other thread here: http://forums.all-about-debt.co.uk/s...l=1#post390874

No unfortunately not. The agent put an application forward from someone who viewed the place 2 days after us, and decided to go with them instead. I'm getting pretty fed up with letting agents tbh - their conduct as a whole just reinforces why estate agents have such a bad reputation.

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

Just an update but nothing to report - no news back from the L.A. yet....

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

Well we've still not had a phone call back from the L.A. so have looked at another house and have put in an application.

This time the reference is being done through 'Letsure'. I have got a copy of a sample report from their website (see attachment) and notice that there is a section called 'Risk Information' which is based on a 'credit profile'. I'm assuming that this is based on a credit score provided by Callcredit which is likely to be pretty poor.

Just stressing about this a lot and its not being helped by letting agents being really crap.

[Riz]

Re: MARAS credit check - what does it actually check?

No matter what they call it, it still cannot include information derived from credit account data. Seen a similar thing on many letting agent and services report, and they are very careful how they name the so called score to make people think it shows more than it really does. It's a fudge number so that landlords think they are getting value for money.

I queried a similar thing with several in the past, and after some back and forth they've had to admit that defaults or late payments etc on credit accounts do not factor into it.

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

No matter what they call it, it still cannot include information derived from credit account data. Seen a similar thing on many letting agent and services report, and they are very careful how they name the so called score to make people think it shows more than it really does. It's a fudge number so that landlords think they are getting value for money.

I queried a similar thing with several in the past, and after some back and forth they've had to admit that defaults or late payments etc on credit accounts do not factor into it.

Hi Riz

Thanks for the reassurance. I know I'm getting stressed and not thinking rationally as its such a big deal for us.

I'm going to try to get a copy of the report if I can and then post the results (sanitized), which will hopefully anyone else going through the same stress

[Riz]

Re: MARAS credit check - what does it actually check?

Looking at callcredit's own information on what they provide, risk information "score" is derived from Edited Electoral roll data, adverse credit data from the Registry Trust, and then a marvellous:

range of geodemographic datasets relating to the postcode in which an individual lives to get a wider view of their circumstances, including levels of affluence, investment activity, unemployment, property prices, lifestage and lifestyle

That is ALL.

[SaltnVinegar]

Re: MARAS credit check - what does it actually check?

Looking at callcredit's own information on what they provide, risk information "score" is derived from Edited Electoral roll data, adverse credit data from the Registry Trust, and then a marvellous:

range of geodemographic datasets relating to the postcode in which an individual lives to get a wider view of their circumstances, including levels of affluence, investment activity, unemployment, property prices, lifestage and lifestyle

That is ALL.

Thanks Riz I missed that amazing piece of bovine excrement. Not sure how they are going to evaluate my "lifestage" !!!!