Tenant Credit Checks for Landlords

A lot of landlords make the mistake of not checking a prospective tenant’s credit history. Not knowing prior financial behavior is going to hurt more often than not. After all, what a tenant has done in the past is a good indication of what they will do in the future.
Example: let’s say tenant, John Smith, comes to rent from Landlord Jones who is charging $1,300 a month for rental of his home. Tenant Smith fills out a standard rental application leaving blank any financial questions such as; have you ever declared bankruptcy, foreclosure, or had a judgment or lien placed against you? Have you had any accounts charged off as bad debt within the last 7 years? Upon receipt of Smith’s credit check, Jones finds that Smith had a foreclosure on a $150,000 mortgage with monthly payments of $1,200. Based on this information, Smith would obviously not be a good Tenant match for Landlord Jones.
This is just one common example, but you can see how poor payment history can be a serious red flag in any landlord’s decision. Fortunately, obtaining a credit check through a tenant screening company is an easy process for landlords and real estate agents. See Accurate Credit Bureau

Advertisements
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: