Managed Referencing - how it works
It's very simple..... the whole process is web-based, meaning that from the minute your tenant logs on and completes the online application form Veri-Check manages the whole process for you, with fully automated SMS and e-mail reminders and prompts, full and easy-to-read credit reports, as well as management reports to give you staff productivity and workflow rates.
Our research has shown that by harnessing the tenant’s need to move quickly into a property, and by using automated prompts, the average turnaround on a credit check can be drastically reduced ensuring your agency is the one getting the deal through to the landlord in the fastest time.
1. Getting Started
Agent initiates reference via Veri-Check admin panel
Agent enters property address (with postcode lookup), rent share, tenant names & contact details.
The system automatically sends all tenants their username & password to log on to the online reference application by email or TXT message.
2. Online Application
Tenant (& Guarantor) completes online reference application
The Tenant starts the process by completing the online application, with a helpful “stop and save” functionality.
The Tenant is required to answer a series of easy to use, clear and straightforward forms to establish their previous address history, income and other basic tenancy related questions. Tenants can also upload documents during the application process when prompted to (payslips, proof of student status etc), or can go online later on to upload these documents. The assessor is always alerted to the addition of tenant documentation by email and by task reminder.
3. Initial Assessment
Credit search run and report available in seconds
The moment the Tenant submits their online application Veri-Check automatically requests a credit report from Equifax and completes a series of automated initial assessments (based on your criteria) on the information supplied (e.g. Affordability & minimum Credit Score). Veri-Check then automatically generates an 'Interim Report' that can be used to demonstrate to a Landlord that a potentially suitable tenant has been found. It might also recommend that a guarantor is required.
4. Employer & Landlord References Automatically Requested
Reference requests automatically generated and sent by email or fax
All required reference documents are automatically generated, with Veri-Check Plus contact details, but with your branding, and are sent via email or fax to the Tenant's employer, landlord, past lettings agency or accountant. Veri-Check sends automatic reminders (configurable to your requirements) when references are outstanding.
5. Final Assessment & Comprehensive Report
Final decision made by Veri-Check Plus Team using data
Once all references are received from the relevant parties, your Assessor (a named account manager within Veri-Check Plus) can complete the process by accepting or declining the Applicant. Veri-Check then generates the full Comprehensive Report (PDF Format) which can be supplied to the Landlord.
Agents using the system can manage their referencing more efficiently by using the System Reporting Tools, enabling you to assess in real-time, Branch by Branch and User by User : Average Turnaround Times, Average Credit Scores and the number of Individual Reference Applications in the system currently.