Want to know more about Veri-Check? Find answers to the most frequently asked questions here.
Why should I credit check tenants?
It is important that a tenancy agreement is backed up and protected by a full credit and history reference. Many landlords will be aware of the risks of letting to tenants who have not been credit-checked, and they will expect it as part of the letting process.
Accurate and efficient referencing reduces much of the risk that goes along with renting a property. It is a way of ensuring that the tenant is in a financial position to adhere to the terms of the contract, has not previously defaulted on rental payments, and has a reliable financial history.
Why use Veri-Check
Quite simply, it offers the most comprehensive range of facilities, is web-based and real-time, giving you instantaneous credit reports, 24 hours a day, 7 days a week. The results are delivered straight to your screen with no need for chasing pieces of paper. All records for each tenancy are stored together(regardless of how many tenants are sharing the property), and the electronic reminders and prompts generated by the system means that the onerous task of chasing is minimised.
It also offer a truly comprehensive management function allowing you to "oversee" the total workload of the letting's and assessment teams – average turnaround times, tasks outstanding, number of jobs completed per team.
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How does it work?
We are supplying a service that is different from other credit reference websites. The tenant enters all their details online, and the credit check starts automatically. The interim report will come back to your screen automatically and instantaneously giving you the key data you need to progress the deal – credit score, adverse financial history and affordability. The searches needed for the more comprehensive report will have already started in the background – previous landlords and full employment reference. Once all the data has been received and checked, the comprehensive report is delivered to your dashboard, with the system having completed all the prompting to get the quick response you need to get the deal in front of the landlord.
How much does it cost?
The price for the in-house comprehensive report is just £9.95, plus VAT. An instant report costs just £8.00 plus VAT.
For a full managed service, prices start at £24.00 plus VAT.
What is the cost of entry?
With no fixed contracts or onerous set-up fees the cost of entry is minimal – just a few hours to ensure that you can use the web-based service from your own in-house platform. With our flexible "pay as you go" pricing plan you can buy as many or as few as you need, exactly when you need them. Bespoke system developments can be factored in, again, using a clear pricing structure.
Contact Us for more information on pricing.
How do you ensure my data is secure?
Veri-Check places a great importance on the security of all information associated with our customers. We have security measures in place to attempt to protect against the loss, misuse and alteration of customer data under our control. For example, our security and privacy policies are periodically reviewed and enhanced as necessary and only authorised personnel have access to user information. Information supplied to Veri-Check will be processed and stored on a secure server and may be used in connection with future visits to this website to facilitate easy repeated use. Transaction processes will use data, encrypted using a Secured Socket Layer ("SSL") session.
We also have other security measures in place such as IP address authentication, so that only registered machines can automatically access the tenant data – your prime asset. With system configuration set by the Letting Agent, you decide who can access the data, who can change settings, and who can over-ride system decisions.
See our security page for more details.
How do credit agencies score tenants?
When anyone applies for a credit card, current account, personal loan, hire purchase (HP) agreement or mortgage, or any other form of credit, the lender will usually credit score the application. This helps the lender decide whether to accept your application and, where relevant, helps set your credit limit and interest rate.
Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. The system was pioneered in the 1950s by Fair Isaac & Co, and is generally known as a FICO score. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports.
Credit scores analyze a borrower's credit history considering numerous factors such as:
- Late payments
- The amount of time credit has been established
- The amount of credit used versus the amount of credit available
- Length of time at present residence
- Negative credit information such as bankruptcies, charge-offs, collections, etc
What if I want to use an agency to run my references for me?
We offer a fully managed service, called Veri-Check Plus, using a specialist team of consultants (with your own named account manager) who will run the tenant referencing on your behalf.
You get all the functionality and high-visibility of Veri-Check but with us taking care of chasing your landlord and income references for you. Contact firstname.lastname@example.org for more information.
How do I submit an applicant’s details
Very quickly and simply - you add some initial information online, including their name, contact details, the details of the property that they wish to rent, the total rental amount, and the total number of tenants moving in to the property.
Press submit, and the system then sends them a welcome email and SMS text messaging, thanking them for choosing your company, and asking them to complete their form online. It takes about 2 minutes to add the initial data onto the system.
How quickly can I see the interim results for the applicant?
As soon as the applicant or guarantor completes their online application form, and submits it, their credit history and credit check result is available for you to view.
It reports a credit score (using Equifax Risk Navigator), a credit check (showing if any adverse data is present, such as CCJs or a bankruptcy order), proof of residency through the electoral roll, or through the credit application file.
It also indicates if the applicant can afford the tenancy based on their declared income (which will yet to be verified).
For a full breakdown of how the managed tenant referencing works view our managed referencing page.
How does Veri-Check Plus check the application?
Once the interim results are back in (within seconds) our specialist team will verify the results and check for adverse data, and that the applicant can afford the property. If a guarantor is required at this stage we will either contact you directly or the applicant(depending on your set-up preferences), and start the guarantor application process (by email and online application).
A full back-ground check is conducted on the employer, and in the meantime emails and text messages are being despatched asking for the employer and previous landlord to complete the reference application and return to Veri-Check Plus as quickly as possible, by fax or email.
Our job is to ensure that these references are back within 24 hours, after which they are telephone-validated, and passed. Only once all the required information is back will we make a firm recommendation on the applicant, although at any time in the procedure you can see exactly what we can see – the credit score, the credit check, the affordability result, and whether they have been located on the electoral roll, for example.
At any time, you can see how proactive we are in chasing for response from the relevant referees, and you will see the background checks that are in place.
How do you obtain references?
Once an applicant submits their details of their referees online the system starts to chase these individuals for a written reference. In the first instance an email is sent to them, and a text message is sent to the applicant to remind them that the reference is required and that permission should be given to that party to release the information to us.
The system calculates the optimum time to send out reminders to these referees, but our specialist team will be on the telephone straightaway, introducing themselves and explaining how important it is that we receive the written references back as soon as possible. If a reference must be sent out via the post then this is organised and a note will be added to the file so that you can see any reason for a delay.
Once the reference has been received and checked, and agreed as being satisfactory the document is scanned and uploaded onto the file so that you can view it straightaway, and go back to it in the future if necessary. The easy to navigate "traffic light system" then indicates that you have received another &pass" or green tick, and you can feel assured that everything is being carried out speedily and efficiently.
See the managed reference chasing page for more information.
Can I check the progress of an application?
Yes, very easily by signing into your account, and by clicking on the name of the applicant or the address for the tenancy. Our easy to navigate “traffic light” system will show you exactly what has passed, what is still outstanding, and by clicking on the relevant section you will get a live snap-shot of the reference in progress.
At any time in the process you can click on “interim report” which brings together all the elements of the reference check and you can then discuss it with you landlord, although it will be subject to final completion. More information about tracking a tenant credit report can be found on the application tracker page.
Can my tenants check the progress of their application?
Yes, this is very useful tool for your new applicants. As soon as they submit their online application form they get the option to check the status of the application at any time and they will see when critical milestones have been reached, such as when the Landlord Reference or Employment Reference has been accepted.
It will also report on progress for all other applicants moving into the new property so that they can prompt and chase for outstanding information.
Can tenants upload their own documentation?
Yes, where appropriate, a tenant is prompted to upload evidence documentation such as payslips, award notices, proof of student status documents, pension notifications etc.
The assessor for the application will then receive an email notification and a task reminder to confirm what has been uploaded so that it can be checked, and if satisfactory, accepted as valid proof.
How do I pay for Veri-Check Plus?
At the end of each month you are sent an invoice detailing the number of references managed for you that month, and we ask for immediate payment.
We offer an overdraft facility to keep the account active until payment is made. We accept payment via BACS, standing order or credit card. There are no monthly management costs or set-up fees. We make a small charge for online document storage, which equates to around £5.00 per month.
For more information about pricing or setting up a veri-check demo please Contact us.
Can't find the answer to your question? Contact us directly with your query.