Uk Credit Check
What will a credit check involve? UK Only?
My husband and I are trying to rent our own flat, and are putting in an application tomorrow. It’s going to cost us £90 for the credit checks, but I’m not fully sure what these involve. As far as I know, I have no credit history as I have never taken out any loans, overdrafts or credit cards. I only have a single debit card, and on that, I have paid for my car insurance and online film rentals, one or two of which have been a few days late. My husband has had loans and overdrafts, but they are all paid off.
What will the credit checks involve? What will they look for, and what happens if we fail? Does that mean we will never get a flat?
Your own lack of credit history is a negative point, although a few days late paying bills isn’t going to make much difference. Ever had a phone on contract? that is credit history, presuming your car insurance is paid monthly, that’s credit history.
I presume your husband’s loans were all well managed – no missed payments etc?
And I presume your income is at least 2.5 x the rent?
If so, you should pass the credit check but as you have no history of renting (landlord doesn’t know if your likely to damage the place) you may be asked to provide someone who will legally guarantee that you will pay for rent and damages.
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