The Importance of Credit History for Tenant Screening

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THE IMPORTANCE OF CREDIT HISTORY FOR TENANT
SCREENING
GLOBAL BACKGROUND SCREENING
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One of the most important aspects to consider
when choosing a new tenant is credit checks. In
fact, every landlord will be more than happy to
know if the prospective tenant is likely to pay
their rent on time besides what they claim during
negotiations. It is true that checking for
credit history and tenant screening incur some
costs. However, just because of the cost factor
(15-20), a landlord should not avoid doing it.
To cover that, you can charge an application fee
on all the prospective tenants.
The information included in a tenant screening
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As a result of performing a credit history and
tenant screening, you will be able to read some
specific information about the prospective
tenants. That information will inspire you about
the prospective tenant so you can decide whether
or not to accept him or her.
Identification information
This refers to the information such as name,
address and social security number of the tenant.
Credit history
This segment will include information about the
bank account for a period of 7 to 10 years. In
addition to that, it exposes credit card
information and loan information of the
respective tenant with a FICO score. You will be
able to see how long their accounts have been
open, the history of the payments, their loan
limits, etc. as well.
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Public Records
Information related to previous evictions, tax
liens, bankruptcies, and civil judgments will be
included in the public records segment.
Inquiries
This segment exposes who else has requested
credit reports for the prospective tenant (for
the last 12 months). Well, as you may notice, a
credit report comprises a large amount of data.
Credit history for tenant screening suggests
whether or not to rent your property
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After reading the credit report, you can decide
if the prospective tenant is suitable to be
accepted. Well, if all the indicators including
the credit report are positive, thats a green
light. If that is the case, you can proceed to
sign the necessary paperwork and collect the
deposit. Once that is over, you can simply hand
over the keys to the tenant. Such an approach
will allow you to rest easy because you have done
your best to keep the troubles away. If the
report is not the perfect one but has some
positives, you may consider renting out your
property under a higher deposit. The deposit can
be determined by you. You must explain the reason
for a higher deposit in writing.
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30076