Why do agents do credit checks?
On renting a house?
Asked on Feb 3 2013,
Renting in Mexborough |
Credit checks are simply done to make sure that the landlord can be sure that they will get the money you agree to pay each month. It essentially checks that you are not likely to default on payments for your rent.
For those who have a bad history of failing to pay back what they owe debt-wise, it can mean that it becomes harder to find themselves a tenancy. However, there are ways to get around this issue.
For one, you might look to use private landlords, who will offer the chance often to rent without having to go through a credit check.
Another option can be to provide a guarantor's letter, normally from a parent or other trustworthy source, who has the responsibility for making sure your rent is paid.
Answered on Feb 6 2013,
When a landlord offers a property, in order to take out insurance such as rent guarantee or legal cover, references are normally required through the insurance provider. This is normally why you are required to pass checks and may need to have a guarantor.
Not only this, as agents, we have a responsibility to the landlord to ensure their investment is protected and to ensure that the tenant on that agreement is deemed responsible and financially stable to cover the rent.
Answered on Feb 27 2013,
Agents do credit checks as this is possibly one of the most important checks when registering tenants. This is to ensure that tenants have a good credit history and therefore be able to pay their rent reliably and on time.
We hope this helps.
Answered on Sep 24 2013,
Didn't find what you were looking for? Ask a question
More Renting in Mexborough questions on AskMe
See more AskMe Q&A about Renting