Date Published 01 July 2019
For the first time in lettings history tenants can now be referenced based on genuine affordability & their full credit history in real time. This is supported by secure access to their bank accounts where specific transactions related to rental payments and utility bills can be checked. This is down to Let Alliance's brand-new referencing scheme – same day referencing.
Until now, referencing has always heavily relied on publicly available credit information such as CCJ's and with tenants supplying previous address history. As well as referencing agencies having to talk to employers and previous landlords which can take up quite a bit of time. Let Alliance through their partnership with TransUnion and the introduction of Open Banking have changed this.
Now 70% of references are being completed on an automated basis and returned on the exact same day. There's going to be no more waiting on employer references & no more waiting on landlord references meaning that tenants are going to be able to move into properties more quickly. This new way of referencing is supported by more up to date referencing which is better for everyone.