jemmsnorwich Posted October 25, 2011 Report Share Posted October 25, 2011 Can anyone direct me to a website that explains the Equifax Credit Scoring Range. I have 2 searches from Equifax that were obtained through an agent and I cant seem to find any description on what they means. Thanks. Link to comment Share on other sites More sharing options...
Guest caravanj Posted October 25, 2011 Report Share Posted October 25, 2011 Can anyone direct me to a website that explains the Equifax Credit Scoring Range. I have 2 searches from Equifax that were obtained through an agent and I cant seem to find any description on what they means. Thanks. What were the scores? The usual range is from 300 to 850 with anything under 650 being less & favourable the lower the rating gets. Link to comment Share on other sites More sharing options...
jemmsnorwich Posted October 26, 2011 Author Report Share Posted October 26, 2011 The scores are 222 and 247 and the agent is telling us that they are very good. I am not so sure about this so need some evidence to go back to them with. Thanks for your help. Link to comment Share on other sites More sharing options...
Guest caravanj Posted October 26, 2011 Report Share Posted October 26, 2011 The scores are 222 and 247 and the agent is telling us that they are very good. I am not so sure about this so need some evidence to go back to them with. Thanks for your help. The main credit checking agencies ( as told to me by the tenant vetting firm I used ) use a score system which has a typical range of 300 to 850. I got a credit checking agency to do a check for a tenant & the credit score was higher than your figures but the agency said that they would not recommend offering a tenancy on the score. Ask your agent what system they use & what credit checking companies that they use. If they use Experian , Equifax etc. & then convert the score to their own rating figure, you need to know what the Equifax etc. score was. Bottom line is to do as Richlist suggests & get a credit-checked property-owning guarantor in place. Link to comment Share on other sites More sharing options...
jemmsnorwich Posted October 26, 2011 Author Report Share Posted October 26, 2011 Thanks for the reply. These are Equifax scores but I cannot find a score table to compare these against. Is there a website available for this. Link to comment Share on other sites More sharing options...
anita.z Posted October 26, 2011 Report Share Posted October 26, 2011 Hi, I'd be also interested to have an answer to your question. We're new to this business, and after coughing up £££s for the Agent's fee for the first tenancy, I thought next time we'll do it ourselves. (Agent did a satisfactory job but that's not good enough for me considering the fees paid). Advertised the property on Upad (on-line agency) and found tenants whose credit scores were similar to yours. Upad who did the referencing for us, indicated that they were good, whereas searching on the net, such scores normally indicate poor credit rating. In the end, I decided to trust my gut feeling plus used the rental affordability calculator (annual basic salary must be at least 2.5 x yearly rent) and we let the property to the couple. (not necessarily recommended, before Richlist has a say! I have to say that the experience of using the on-line agency and doing all the viewings outselves was a positive one. Not to highlight the saving of agent's astronomical fee - and I'm pleased to say that part of that saving was passed on to the tenant as a reduced rent - so win & win as far as I'm concerned. Link to comment Share on other sites More sharing options...
Richlist Posted October 26, 2011 Report Share Posted October 26, 2011 There is a fantastic product on offer called 'Rent Guarantee Insurance'.......some of you may already have heard of it. It doesn't cost very much and the firms who offer it (LetSure are one such firm) have a criteria that all tenant applicants have to meet in order to qualify for the insurace cover. They carry out credit/ affordability checks within the criteria/ fee structure. I wouldn't leave home without it ! ......and I really dont understand why anyone would risk letting their property to total strangers who just happen to earn enough money at the moment (until they join the unemployed) to afford the rent........ Am I missing something ? Link to comment Share on other sites More sharing options...
Melboy Posted October 26, 2011 Report Share Posted October 26, 2011 There is a fantastic product on offer called 'Rent Guarantee Insurance'.......some of you may already have heard of it. It doesn't cost very much and the firms who offer it (LetSure are one such firm) have a criteria that all tenant applicants have to meet in order to qualify for the insurance cover. They carry out credit/ affordability checks within the criteria/ fee structure. I wouldn't leave home without it ! ......and I really dont understand why anyone would risk letting their property to total strangers who just happen to earn enough money at the moment (until they join the unemployed) to afford the rent........ Am I missing something ? No...RL you are offering advice to those who wish to learn how experienced Landlord's survive. Whether they choose to take that advice is down to them. Mel. Link to comment Share on other sites More sharing options...
Guest caravanj Posted October 26, 2011 Report Share Posted October 26, 2011 Thanks for the reply. These are Equifax scores but I cannot find a score table to compare these against. Is there a website available for this. Equifax state that they use the FICO scoring system which goes from 300 to 850 so your report doesn't match with an Equifax rating. You need to check it with your vetting agent. FICO stands for Fair Issac Corp., the company responsible for creating the FICO score in the 1980s. Scores over 650 represent better creditworthiness in the eyes of lenders. Scores in the lower range indicate high risk. The FICO score consists of five parts; payment history, account balances, length of credit history, new credit and other factors (i.e. mix of credit types). The payment history carries the most weight, 35 percent of the FICO score, while new credit and credit mix each account for only 10 percent of the score. If you do as Richlist suggests & take out insurance you won't have to bother about understanding credit scores because the insurance provider will do it all for you. Link to comment Share on other sites More sharing options...
anita.z Posted October 27, 2011 Report Share Posted October 27, 2011 No, Richlist you are not missing anything at all - you're doing things properly! Thank you for the tip re: rent insurance. Had not bothered with it as the thought of drawling through the small print what different providers will and won't cover frankly put me off. I was not aware that the references could be done via the company ensuring that they meet their criteria - now that's good news and will definitely look into that in future. Thanks! Link to comment Share on other sites More sharing options...
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