Credas Shortcuts Tenant Screening
Data from CIFAS, the fraud prevention database, states a marked increase in both identity fraud and false applications in the UK with increases of 34% and 45% respectively in the lettings sector over the last nine months.
Application fraud poses a significant risk to letting agents with previous research conducted by Credas identifying that rogue tenants cost £34,797 in lost rent, legal fees and damage to properties.
Credas, the leading identity verification provider to the property market, has announced the launch of their latest duo of products that will help letting agencies reduce the time spent on vetting and onboarding new tenants and as a more efficient way of preventing fraud.
Vetting and Onboarding Service
Allows an agent to digitally verify a tenant’s identity, gather references, check Right to Rent status, affordability and guarantor status quickly by inputting just the tenant’s name and email address or mobile telephone number.
As one of the first ID verification companies in the UK to achieve the UK Government’s DIAFT certification, the new Credas Lettings service is officially certified under the latest Right To Rent legislation.
Landlord KYC Service
A report produced at the press of a button that provides a compliant deep-dive on prospective landlords. Agents can ascertain a client’s true identity and instantly check against PEP lists, sanction lists, disqualified directors information and importantly, verify that the property being rented is actually owned by the person being vetted.
Both products are white-label and can be branded as per the lettings agent’s own branding.
Tim Barnett, CEO of Credas Technologies, says: “With demand for rental properties soaring there is evidence that potential tenants are massaging their applications to appear more favourable candidates. In areas like London, a resulting few months of missed rent is a significant sum to any landlord and can’t be easily recovered.
“Therefore letting agents need to ensure that tenants are thoroughly vetted.
“Bad actors are also posing as property owners and subletting, putting the letting agent at huge risk. Letting agents have a duty of care to their tenants to ensure the property they are renting belongs to their client.
“There’s also the reputational risk of working with less scrupulous characters. Simple background checks on Landlords can confirm they aren’t on any.
“We are proud of our new product offering that’s easy to use, client branded and has will cut tenant onboarding down to minutes instead of days. We provide agents with a robust checking regime for very little cost to protect themselves against rogue landlords and is a great example of how technology can be used to solve real-world problems and drive real efficiencies.”