Things To Be Aware Of When Requiring A Credit Check On Prospective Tenants

If you are a landlord then you would have to be crazy not to use credit checks to vet tenants

. You may just want to call up a few of their references, like old landlords or their employer to ask about them, or maybe you would rather pay a company to do this for you.

Credit checks help landlords to find the perfect renter. It helps them weed out those who may cause issues down the road. A credit check helps minimize any potential risk that may form.

When you rent, you need to disclose certain information in order to perform a credit check. Often this includes full name, date of birth, current address, and social security number.

If you are going to do one, you need to tell the person that you are going to do it and when it will be performed. Often, this will be part of the tenancy form that you get them to fill out before leasing.

The applicant's consent to the credit check can also be on a separate release form that authorizes the credit check. In any case, the applicant's consent must be in writing and duly signed.

Quite frequently, due to time constraints, most property owners will hire a specialist company to do the check. This can be costly, and often the property owner will pass this cost on to the potential tenant.

Credit check agencies provide the landlords with important information. They supply information such as criminal history, employment history, bankruptcies, payment history, evictions, along with other information deemed relevant.

You need to play by the book, so if they fail the check you need to tell them this in writing. You do not have to tell them the precise reasoning for this failure, just as long as you say it was due to the credit check results.

by: Daniel Boyd

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