Credit Report

Tenant screening is a very important part of the property manager's job

. Finding the right tenant for your property can make the difference between a good investment and an excellent one. As part of the screening process your property manager will obtain a credit report for the prospective tenant. The Credit Report will have the information from the credit file of the tenant.

A credit file is created when you first borrow money or apply for credit. Companies that lend money or issue credit cards like banks, finance companies, credit unions or retailers send specific factual information related to the financial transactions they have with you to credit reporting agencies. When a credit file demonstrates that someone is paying his debts on time that prospect is a desirable client or desirable tenant.

The report will contain the following information:

1.Personal Identification like name, address, birth date, and SIN

2.The list of organizations that have asked to view the credit file in the last three years

3.Public Record Information (Secured Loans, Bankruptcies, Judgments)

4.Collection Agency issues

5.Trade Information shows if payments were made as agreed

6.Consumer Statement and remarks

The ratings that are used on the Trade Information section are:

R0 too new to rate

R1 pays within 30 days or not over 1 payment past due

R2 Pays in 30 to 60 days or not over 2 payments past due

R3 Pays in 60 to 90 days or not over 3 payments past due

R4 Pays in 90 to 120 days or not over 4 payments past due

R5 Account is at least 120 days overdue but not yet rated R9

R7 Making regular payments to settle a debt

R8 Repossession

R9 Bad Debt, placed for collection, moved without giving a new address

I Instalment credit

O- Open Credit

Talking with the tenant, calling previous landlords and references are all part of the screening process but the credit file is the most important tool. The credit file gives the property manager the ability to check the history several years back and when it is clean and clear we can assume the tenant will also pay his bills on time in the months and years to come.

Credit Report

By: Nachum

POST COMMENT

Loans For Bad Credit - Help For Your Financial Necessities Bad Credit Student Loans : To Achieve Your Dreams No Credit Check Loans Is A Boon Strategy To Get Debt Free - Bad Credit Debt Consolidation Bad Credit Personal Loans : Clear Your Poor Credit Record Bad Credit Loans- Ready Money For Your For Your Urgent Needs Debt Consolidation Vs Credit Counseling - Exploring Debt Reduction Options to improve personal loans for debt consolidation - with a personal credit unsecured Your Finances Consumer Credit Debt Consolidation - What Are Your Options? Credit Card Debt Relief - What Are Your Options For Consolidating Your Debt? Bad Credit Debt Consolidation – How To Realistically Get Out Of Debt Credit Card Solutions - Credit Card Debt Consolidation Fast Money Loans Bad Credit-quick Approval For Instant Funds