HomeLet claims its new VISTA service will revolutionise the lettings industry by eliminating fraud through the use of detection technology and providing a true affordability assessment of applicants.
A result of a strategic partnership with data analytics specialist Experian and HomeLet, VISTA uses the same data as banks, credit card companies and mortgage companies with 70 per cent of reference applications being completed in real time.
HomeLet claims that 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.
HomeLet chief executive Andy Halstead 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. 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.”