Working closely with TransUnion, Let Alliance has completed a two-year strategic project that has resulted in redefining the way that tenant referencing works in the UK, with references now returned the same day.
Until now tenant referencing across the lettings industry has relied upon companies accessing publicly available credit information only but Let Alliance has developed the process that allows consumers to give Let Alliance – when acting for professional letting agents and their potential landlords – access to their full credit file. This means that for the first time in the UK, Let Alliance will complete tenant references based on the full credit information, with the same level of detail that is used by banks, building societies, and credit card companies. Accessing the data and the initial affordability assessment will be completed in real time.
The combination of analysing the full credit file with the integration of Open Banking and the proprietary Let Alliance affordability algorithms means that the majority of tenant references will be completed within 24 hours. The process works in the same way that banks, building societies and credit card companies make decisions. It is much faster than the historic rental vetting process, offering a much smoother application and allowing tenants to move into their new homes much more quickly. There will be no need for tenants to upload, scan or email documents, as the crucial information required will be accessed through Open Banking technology.
Let Alliance has developed the affordability algorithms in partnership with TransUnion and through the knowledge of managing a Rent Guarantee Portfolio that protects in excess of £500 million of annual rent.
Same Day Referencing with analysis of the applicant’s full tenant data is available from 17 June and is exclusive to professional letting agents. Find out more at: www.letalliance.co.uk
Source: TransUnion Press Release