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I have been told by the Estate Agent, they want £75+ for a "Credit Reference". What is this?

by udoh13 21 June 2010 |

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Moving out of my parents home, and renting a property. I have been told by the Estate Agent, they want £75+ for a "Credit Reference" for everyone over 18 in the household. What is this?

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159

JoeEasedale posted
They are going to run all your names through the credit reference agencies for evidence of financial proberty, - or otherwise.
Posted on 21 June 2010 | Love 1 love Report
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udoh13 posted
They say this is a non refundable figure, so what is stopping them from just saying "we don't like you", bye, and then keeping your money, and renting the property out to someone else. Thus making lots of "easy money".
Posted on 21 June 2010 | Love 0 loves Report
24

spidermev posted
lol I'm not sure if they would do that but think yourself lucky, my other half and I paid £125 EACH a year or so ago!
Posted on 21 June 2010 | Love 1 love Report
824

MikeGG1 posted
It is non-refundable because the work will have been done by the time the result is known.
It is unlikely that they would do what you suggest they might because they should only do it after the landlord has agreed to your offer.
Mike
Posted on 22 June 2010 | Love 0 loves Report
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PaulM posted
Years ago I moved out of student halls with a mountain of bad debt and a very tarnished credit record. I paid £50 at the time for a credit search with an estate agents I was letting from and wasn't turned down.
From friends who work for letting agencies they say they just make sure you are who you say you are and that you can be subsequently tracked down by your credit record if you decide to avoid paying the rent and move elsewhere.
Posted on 22 June 2010 | Love 0 loves Report
36

Ruthless Investor posted
Simple solution:
Don't rent from the estate agents, but look into the local newspaper for to let properties. Many landlords are willing to do the business without this hipe of credit check and references as long as you can pay the rent. One of your parents can stand as a guarantor itowards your rent payments.
Posted on 24 June 2010 | Love 0 loves Report
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Prepack posted
It's just a way of getting money out of punters. A credit reference at one of the agencies doesn't cost anything like that much. Furthermore, the beneficiary of any credit check is surely the owner of the property so they should be paying - not you. In fact a requirement of the credit search is that you do not get to see what is reported. If you want this information they invite you to subscribe to Creditexpert, giving you the opportunity to pay to correct any mistakes the agency has made. Best to send the letter on the OFT website with the modest payment to get the records they are legally required to provide.
Posted on 05 July 2010 | Love 0 loves Report

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