Know your client’s credit score
Whether you’re a letting agent, estate agent or landlord, getting to know your client’s credit score is becoming more and more important. It’s vital you apply the following knowledge to conduct a successful credit check, so you can make an informative decision about whether to take on the tenant or (in some cases) work with the potential buyer. We’ve provided a simple Q and A for your guidance, alongside a useful visual guide published by our contacts at Sainsbury’s Bank. What defines your tenant’s credit score? There are a number of factors that define your tenant’s credit score, mainly being associated with their credit history. A record of late or missed payments or ongoing debt will portray a lower/negative score while a positive finance record will score higher/positive. How do I calculate a credit score? As visualised in Sainsbury’s Bank’s guide below, credit scores are calculated between two types of …
