PRODUCT INFO | Use this product to check that your tenant can pay the rent. This product enables you to credit check your tenant and gives you the tenant’s consent to check for references.
By using this product, you can minimise the risk of running into rent arrears or other problems caused by tenants ignoring their tenancy agreement obligations. Our tenant background check will shine a light on your prospective tenant’s financial history and the ability of your tenant to meet rental obligations.
As we get involved in issuing claims against tenants, and enforcing judgments and orders against tenants, we can assure anyone looking at this product that it’s much better to be informed BEFORE you let out your property, rather than after there’s a default or a failure to meet other property obligations.
References can be supplied from the tenant’s current landlord or previous landlords (or the letting agency). You can also ask your tenant to supply a reference from an employer. This will confirm that the tenant has a job and that the tenant has job security.
Tenants can also be asked to disclose their recent bank statements to confirm that they have received the income they are claiming. For self-employed tenants, you should ask for copies of trading accounts and an accountant’s reference to confirm that the rent can be met.
If that still doesn’t give you enough comfort, you can ask the tenant to provide a guarantor for the rent. This might be a good idea if the tenant doesn’t have a history of renting to show you. A guarantor will agree to pay you the rent if the tenant defaults and in the event of default the guarantor can be sued for the outstanding rent. It is not unheard of for us to enforce a judgment against a guarantor (often a parent or relative) of a judgment debtor. So, it’s also best to credit check the guarantor because this is your back up to payment if your tenant defaults.
Our friendly team of business solution advisors will help you through needed steps to get the consent from your tenant to give you the references you need.