A PropTech product is claiming a breakthrough for letting agents who can now access same-day referencing on prospective tenants.

LetAlliance claims that for the first time in the UK rapid access will be possible to full credit information comparable to that used used by banks, building societies, and credit card companies. Accessing the data and the initial affordability assessment will be completed in real time.

It says that using proprietary algorithms, and thanks to the Open Banking initiative, tenant references will be completed within 24 hours “on a high percentage of cases.”

This is claimed to be much faster than previous systems where agents and landlords have relied upon tenant referencing companies accessing publicly available credit information only. 

LetAlliance says that credit information is limited to details about County Court Judgements, individual voluntary arrangements and bankruptcies, and not the full applicant credit file. 

Now, it claims “there will be no need for tenants to upload, scan or email documents, as the crucial information required will be accessed through Open Banking technology.”

“We are no longer restricted to limited information; we now lead the way and our leading technology has been the key to our success. It’s also a great example of how consumers can take charge of their own data to help them achieve their goals; in this case helping them secure the rental property they’re after with a quick and easy process” says Andy Halstead, chief executive officer at Let Alliance.

The same day referencing service will be exclusively available to letting agents and will begin next Monday.