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I received and invoice from Veda this year for 1 years 'membership' of $325.00. Luckily it also showed that the fee had been paid.
I wonder who by ........?
I'm sure the question was rhetorical but the answer is no-one. They've waived their up front fees so they can maximise their income from a low volume user that belongs to the NZPIF.
They always waived their membership fee for NZPIF members but now charge more than three times cost for each access of their data than they used to. They have an almost monopoly position so they can ramp up their fees until their customers stop using their service or find an alternative.
TradeMe and the Crusaders are other examples of this phenomena.
People in Christchurch stopped going to the Rugby and low and behold the price for a ticket dropped substancially. Market forces in action.
As always, you get what you pay for; from what I have seen TINZ offer the raw Veda report without any analytical data and it is analytical data that takes the guesswork out of assessing the credit risk of a potential tenant - an important feature for the novice user.
At the same cost of a TINZ report today, Veda then offered their Bureau Score analysis to the user. Their fee went up with the introduction of the improved Vedascore Plus analytical tool and probably also due to the low uptake of NZPIF Association members.
Low volume users will pay more than a high volume user for most things and with the NZPIF splitting an already low number of users with Veda, the superior (though more expensive) option will become a less attractive proposition for Veda to offer the Federation's Association members.
As always, you get what you pay for; from what I have seen TINZ offer the raw Veda report without any analytical data and it is analytical data that takes the guesswork out of assessing the credit risk of a potential tenant - an important feature for the novice user.
The analytical data is of no use to me. If I'm renting a car park then I'll rent it to a tenant with a couple of minor defaults (like a $200 sky bill) but keep them on a very short leash.
If it's an apartment then they need to have a 100% perfect record (at least in the last 5 years anyway).
I don't need fancy analysis, just the raw data. I believe I can get this through TINZ and will be using this service next time I need a new tenant.
This comment couldn't be truer, it is a cost of doing business and a credit check should not passed over.
It depends....
Do you credit check an 18 year old student?
If they own nothing they have no credit history.....so a credit check tells you nothing.
A better bet is to get their parents on the TA as well, and do a background check on the parents.
If they own their own home and its worth a lot (say $500K+) then I might skip a credit check, as I'm pretty sure they will not like being dragged to the TT, so will find $200 to cover little jonny's missed payments.
If the same parents where asking to rent a $1000pw mansion in Kelburn then of course I'd credit check them......
It's all about Risk Mitigation, and this takes thought.
Some risks are not worth mitigating, as the cost to mitigate is higher then the weighted average of the likelihood and impact of the risk occurring.
Another category where we don't do credit checks is wealthy professional Europeans over here for a 2 year career based OE.
They don't have a NZ based credit history, they can't provide previous landlord references as they've owned their PPOR house in a desirable part of London for the last 8 years.
A copy of a bank statement showing 30000+ pounds sterling in a Lloyds bank account 3 days ago was a good enough credit check for me!
Another category where we don't do credit checks is wealthy professional Europeans over here for a 2 year career based OE.
They don't have a NZ based credit history, they can't provide previous landlord references as they've owned their PPOR house in a desirable part of London for the last 8 years.
A copy of a bank statement showing 30000+ pounds sterling in a Lloyds bank account 3 days ago was a good enough credit check for me!
Your logic is good but the practice is not.
For those apparently new immigrants to the country they keep their accent for a long time. It is impossible to tell how long they have been in NZ. There really is no way of telling if they have just stepped off the plane or have been using that story for a while.
Doing a credit check for a new person might in fact seem like lost money but what if they are con men. Providing you have sighted their passport you at least know their correct names.
If you are putting someone into a $1000 a week property the last thing you want is egg on your face when the owner demands to know why you did not do a credit check.
Then again with the 18 year old. Sure not likely to be much there. But what happens if they mess up (very likely for an 18 year old first time in a flat). If you have not done a credit check before the start of the tenancy you are not permitted to do it later. No credit check means no saved report to put a monitor and load up debt on their file.
Your logic is good but the practice is not.
For those apparently new immigrants to the country they keep their accent for a long time. It is impossible to tell how long they have been in NZ. There really is no way of telling if they have just stepped off the plane or have been using that story for a while.
By sighting their passport and looking at the immigration stamps
Doing a credit check for a new person might in fact seem like lost money but what if they are con men. Providing you have sighted their passport you at least know their correct names.
If you are putting someone into a $1000 a week property the last thing you want is egg on your face when the owner demands to know why you did not do a credit check.
Our owners pay for credit checks, so it's ultimately their call. In this case I asked the owner (me) and he said OK, skip the check.
Then again with the 18 year old. Sure not likely to be much there. But what happens if they mess up (very likely for an 18 year old first time in a flat). If you have not done a credit check before the start of the tenancy you are not permitted to do it later. No credit check means no saved report to put a monitor and load up debt on their file.
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