HomeLet, the UK’s largest tenant referencing, and specialist lettings insurance company, will soon be launching ‘VISTA’ – an innovative, fast, and accurate tenant referencing service that eliminates fraud by using leading fraud detection technology and providing a true affordability assessment of applicants. Verified ID and cross-referencing public or private databases is one of the best ways to get a 360 degree view of insurance customers too.
VISTA uses the same data as banks, credit card companies and mortgage companies with 70% of reference applications being completed in real time. A result of a strategic partnership with data analytics specialist Experian and HomeLet, VISTA revolutionises tenant referencing by harnessing the power of data, technology, and human expertise to deliver a fully optimised tenant referencing solution, offering the highest level of protection for letting agents and landlords.
In the last year, fraud within the lettings industry has surged by a third. From counterfeit credit files to advanced document manipulation, tenancy fraud has become more strategic, complex, and targeted.
The surge in fraudulent activity is not solely attributable to an increase in criminal behaviour. Present market conditions have pushed an escalating number of individuals towards resorting to potentially deceptive practices to secure housing for their families and outmanoeuvre the intensifying competition and high demands for available properties.
The severe shortage of available properties and the mounting demand have prompted more people to seek alternative means of obtaining a tenancy in a desirable property. VISTA is coming to market following 3 years research and development and an investment of over £3 million.
Andy Halstead, CEO of HomeLet, comments: “The next 2 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. The ‘old’ way of completing references is simply not good enough for todays and tomorrow’s market.
“Our customers have spoken, and we have listened and acted. Our new advanced referencing process Vista 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.’
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