Hi
Can someone explain what I may have done wrong on the referencing required.
I am self employed and have a business bank account. Option to use personnel or business account for open banking. Option chosen, business account, linked to the open banking.
Monthly payments in is £6k.
Property applied for rental is £1500 per month.
Question is why has it come back with unverified earnings, and states the following:
The name on the connected bank account is inconsistent with what we’d expect
from this applicant. Unfortunately, this means that we are unable to use this
account to verify their income.
Is open rent referencing expecting my name or business name on the bank account?
I inserted my name and trading as ——
Exactly as it is on my bank account.
Open rent also states referee Referee removed and no
transactions verified.
However, due to the unreliability of the referee we
have not considered their answers as verification of my income.
I have 9 months of my referee paying into my business account.
Many thanks for any answers.
@Lee_M_P
Contact OR support and ask what they wanted for the answer but if tenant name doesnt match name on account supplied for income how can OR know they are same person. Or if the business name that comes up when they enter the account and sort code doesnt match what you supply that might also be a flag. Anyway your business income wont necessarily be same as your income.
I’d think they want to see your personal income and your outgoings (regular payments for rent for example, your payments for tax). The fact you buy something for your business from a business account doesnt matter when assessing if you personally can afford the rent… and the business might have its own debts or retain profits for a one reason? But ask OR. May be possible they can use both?
If they decided your referee unreliable find a reliable one (do you have an accountant who prepares your accounts) - again ask OR what is needed
Last they arent going to reveal every detail of their processes otherwise scammers will try to get round. But they should be able to tell you what you can supply that will help..
Good luck