Bank statements reveal far more than salary deposits. A proportionate request starts by identifying the evidence needed and avoiding unrelated personal information.
Explain the purpose
Tell applicants that records will be used to confirm declared income and assess it against the proposed rent. State who receives the documents, how they are transferred and when they will be deleted.
Permit sensible redaction
Account numbers and unrelated balances may often be partly masked, while names, dates, transaction descriptions and relevant values remain visible. Redaction rules should be stated before documents are submitted.
Close the file
Do not retain an unsuccessful applicant’s financial history indefinitely. Record the lawful basis, apply a retention period and securely remove working copies once the review and any defined query period are complete.