Concerns about referencing/credit score

Tenant Discussion
1

We are a family of four adults—three of us work full-time, and my mum works part-time as she prepares for retirement. We are interested in a rental property that seems affordable for us. Our combined annual income is over £114K, and the monthly rent is between £2700-£2800, which should be well within our affordability range.

We’ve all been employed with our current companies for over six years, so our incomes are stable. We can provide bank statements and other documents if needed.

However, I have a concern regarding my credit score. My Experian score is 766, but my Equifax score is much lower, at 233. I’m wondering if anyone knows why these scores are so vastly different. I don’t have any CCJs, IVAs, or a history of bankruptcy. I’ve never borrowed much money, but I did get a credit card two years ago to help build my credit. I’ve never missed a payment, so I’m confused about why the scores vary so much. Could my relatively limited credit history be affecting my score?

The landlord is asking for a good credit score, but with an Experian score of 766, I’m being told that it’s only considered “fair.” My sister has a score of 926 (considered good), and my brother has an excellent score, while my mum has a low score because she has never borrowed money or taken out a loan or credit card.

I’m worried my credit score could affect whether the landlord will accept my application, even though I have enough money for the deposit and the first month’s rent.

Has anyone experienced something similar or have any advice on how to handle this?

Thanks in advance!

2

Yes, find a more sensible landlord who understands the limitations of a credit score.

3

I viewed the property this evening, and the landlord was very understanding. She mentioned that as long as I didn’t have a ‘bad’ score i.e CCJ’s, bankruptcy or IVA’s then I should be good. She’s reviewing my application and will let me know tomorrow if I’m successful. Here’s to hoping!

4

Fingers crossed for you but for future reference, a landlord and/or letting agent cannot see your credit score, cannot see defaults and cannot see late/missed payments. ALL they can see is publicly available information which is whether you have a CCJ/IVA/Bankruptcy.

The wording on tenancy referencing is very misleading and I believe is intentionally written to worry prospective tenants with a lower credit score. Even Experian’s website claims that a landlord will check for defaults, etc, but it simply isn’t true.

5

Thank you :folded_hands:t4:. This is really assuring.
The landlord accepted our offer, we also passed credit affordability and employment referencing and are now just waiting for current landlord to give her reference. All should be good and I can stop stressing.
This has been a whirlwind!

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