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How to Obtain and Check Tenant Credit
Report
Credit Checks for Landlords PART 1
"How
do you know if your tenant applicant will pay his rent on
time, every time?" Credit checks for landlords will be
your most powerful tool for answering that critical question. Learn
where to get hold of the best landlord tenant credit report and how to
check tenant credit report so that you can find responsible rent-paying
tenants for your property.
What
are Credit Checks for Landlords and Why is it Important to You?
Why should you bother to obtain and check tenant
credit reports in the first place? Before you fork out a single cent
for
your tenant's credit
report, learn exactly what you are paying for.
A credit check for landlords will reveal how much debt your tenant
applicant owes
and more importantly how punctual he is in paying his debts. These
debts include utility bills, credit card bills, car instalments
and bank loans. You can get your hands on these reports from tenant screening
websites that offer and check tenant credit report.
The credit report will also include
personal details of your tenants such as their employers and their
previous addresses. This will come in very handy in case you
want to contact
their past employers and landlords to ask for references.
Since
housing rents will take up a sizable chunk of your tenant's income,
looking at his payment history is probably the most accurate way to
decide if he is likely to pay the rent on time. That's why most
landlords will only consider accepting someone as their tenant after
going thru their credit reports.
Step
by Step Guide on How to Get Hold of Your Tenant's Credit Report
Step 1 - You will
need to get your hands on your tenant's personal
particulars. Essential information for obtaining a credit report
includes his first name, last name, current address, date of birth and
social security number.
Step 2
- According to the laws stated
by the Fair Credit Reporting Act FCRA, you must have your tenant
applicant's
written permission to obtain and check tenant credit report. To do
this, simply
prepare a written statement granting you permission and have your
tenant sign it.
Step 3
- Next look for a reliable tenant
screening company that offers credit checks for landlords. Tenant Verification Service
and E-Renter are two
popular companies that we highly recommend.
Step 4
- Before you can order your tenant's
credit report, you will need to register for a free membership and
verify that you are a landlord or property manager.
If you are
a landlord, you will need to submit a copy of your property deed, a
recent utility bill with your name / address and your driver's license.
Property managers have to provide a copy of the property management
agreement, a recent utility bill with their name /
address, driver's license and a valid business license.
Step
5 - If the tenant screening company does not require an
on-site
inspection, the credit report will be delivered to you online or by
email.
Now that you
done your credit checks for landlords, learn how to read and dig up
vital
information from your tenant's credit report:
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