A Tenant Credit Check delivers an easy to understand set of indicators as to the existence, authenticity and credit worthiness of an individual.
Identity Verification
The identity verification performs several checks which are grouped into three categories, Residency, Identity and Alerts.
The minimum requirement for an identity to be verified is:
- 2 Residency matches
- 1 Identity match and
- 0 Alerts
Anything less than a score of 2-1-0 will result in the identity not being verified.
An alternative method of ID verification is add a scan of photographic identification such as a driving licence or passport. You can do this from your profile page.
Zero Matches
Sometimes a report shows zero matches of the individual to the address. This usually means the individual does not reside at that address or they have moved there so recently that records have not yet been updated.
Credit Score
The credit score is a numerical score between 0 and 500. It is calculated using a combination of factors such as payment history; the amount of debt the individual has and the length of their credit history.
The higher your score, the lower your risk profile to landlords and the more likely they are to rent to you. The scores are rated as follows:
- 0-99 - Very Poor
- 100-199 - Poor
- 200-299 - Moderate
- 300-399 - Good
- 401-500 - Very Good
Electoral Register
This shows if you are on the electoral register and for how long at your current address. Details of the the report subject and associates on the electoral register at the address will be included if there are any matches.
The Tenant Credit Check only shows details of people who are on the open (edited) register, not details of the full register. If a person has opted out of the public electoral register, they will not be shown on a Tenant Credit Check.
You can find more details of the electoral register here:
https://ico.org.uk/for-the-public/electoral-register/
Linked Addresses
The report will attempt to find addresses linked to the report subject such as previous addresses.
Linked addresses are all the addresses that you or any of your financial associates have lived at and where you have taken out a credit agreement. Past and present addresses become linked when:
- You have provided a company your current and previous address and they do a credit search against both of them.
- You tell a lender that you've moved, the next time they update your account information they will link your current and your old address
- Linked address information remains on the credit report indefinitely
Watchlist
The Watchlist screens individuals against Sanctions and Politically Exposed Persons (PEP) lists to identify target matches.
The Watchlist Summary is displayed as a panel on the Credit Check.
The detailed Watchlist where you will be able to see more information about any alerts can be viewed by clicking on the Full Watchlist Report button.
The Watchlist checks for alerts in the following categories:
| Category | Description |
|---|---|
| Sanctions | AML regulations stipulate the requirement to identify sanctioned individuals, corporate entities including non-corporate entities such as charities. Financial sanctions are restrictions put in place to achieve a specific foreign policy or national security objective. They can limit the provision of certain financial services and restrict access to financial markets, funds and economic resources. |
| Politically Exposed Persons (PEPs) | AML regulations stipulate the requirement to identify PEPs, defined as an individual who is or has, at any time in the preceding year, been entrusted with a prominent public function, other than middle ranking or junior officials. |
| Relatives & Close Associates (RCAs) of PEPs | AML regulations stipulate that specific Relatives & Close Associates (RCAs) of PEPs should be identified and monitored to the same extent as the PEP. |
| Special Interest Person / Entity (SIP/SIE) | Special Interest Persons/ Entities (SIP/SIE) are assigned this status by Dow Jones when accused, arrested or convicted of involvement with high level criminal activity. Association with these parties can represent reputational risk; however AML regulations do not specify a requirement to identify such parties at present. |
Court and Insolvency Information
Details of any bankruptcies, insolvencies or County Court Judgments (includes CCJ or IVA). These stay on your credit report for 6 years.
CCJs are given type codes so you can tell what they are for:
| Code | Description |
|---|---|
| ADO | Administration Order |
| BKY | Bankcrupty Order |
| CD | Court Decree (Scotland) |
| CJ | County Court Judgement (England, Wales and Northern Ireland) |
| CJP | County Court Judgement Paid |
| DAS | Deed of Arrangement |
| DRO | Debt Relief Order |
| PTD | Petition for Discharge of Sequestration |
| SQA | Sequestration Actioned |
| VAR | Voluntary Liquidation |
Notice of Correction
This is a statement that explains information on your credit report that you believe could give lenders a misleading impression and you would like them to consider when you make future credit applications.
