Tenant referencing giant HomeLet is hoping to crackdown even further on fraudsters with the launch of VISTA – a new system that uses the same data as banks, credit card companies and mortgage companies with seven out of 10 reference applications being completed in real time.
Fraud within the lettings industry has surged by a third in the last 12 months and has been made worse by a lack of available property.
That has been a major factor pushing people towards deceptive practices in a bid to secure housing for themselves and their families.
But the VISTA scorecard evaluates an applicant’s suitability considering factors such as credit commitments, credit agreements and overall indebtedness so avoiding unnecessary penalties for those who have rectified their payments after bankruptcy or CCJs.
And working with Experian enhanced verification of applicants’ identification and addresses coupled with a detection system that identifies inconsistencies in applicant data will also help stop fraudsters.
The next two years look to be very difficult for many tenants.”
Andy Halstead (main picture), Chief Executive of HomeLet, says: “The next two years look to be very difficult for many tenants – rents are at record highs and the cost of living is making life almost impossible for so many. In parallel, fraudulent activity is surging.
“A world class referencing and assessment service, that guarantees the rental income for letting agents and their landlords is essential.”
He adds: “The ‘old’ way of completing references is simply not good enough for today’s and tomorrow’s market. Our new advanced referencing process surpasses all referencing solutions today.
“The result of three years research and development and an investment of over £3 million, VISTA will provide the highest protection for our agents and landlords in the face of the housing market crisis and rising fraudulent references.”