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Check on credit one application
How to Run a Credit Check on a Prospective Tenant
Running a credit check on a prospective tenant can help you protect your investment property and the income it is supposed to generate for you. Since you can’t always judge a book by its cover, this check allows you to dig deeper into the financial condition and habits of the prospective tenant. If they have a good credit history and pay their bills on time, chances are higher that they will pay their rent on time as well and keep the place in good order.
What does a credit check tell you?
The information in a credit check will vary based on the agency you use and how in depth of a report you pay for, but can include:
- Identifying Information: Confirmation of name, current and past addresses, date of birth, known employers, name of spouse, and Social Security number.
- Credit History: Lists bank accounts, credit card accounts and any loans (mortgage, student, etc.) It also lists how long the account has been open, the payment pattern over the last two years, the loan amount or credit card limit, and if there are any co-signers.
- Public Records: Will list any evictions reported, bankruptcies, tax liens or (civil) judgments against the prospective tenant.
- Inquiries: Will show the names of those who have requested a credit report on them for the last year.
Some reports will also include the prospective tenant’s FICO score.
In order to run a credit check on a tenant, the application form should, at a minimum include:
- The Tenant’s Full Legal Name.
- Addresses for at least the Last Two Years.
- Social Security Number.
- Date of Birth.
- Current Employer.
- Current Landlord.
To run a credit check on a tenant, you must follow the guidelines set forth by the Fair Credit Reporting Act and must first get a potential tenant’s written permission to do so. The tenant must sign and date a document that states they agree to the credit check.
Many landlords include this clause at the bottom of the Application Form. If your Application Form does not explicitly grant you permission to run a credit check on a tenant, you need to get a separate document signed by the tenant, agreeing to the credit check.
‘Applicant gives consent and authorizes the Landlord and all of Landlord’s representation to make any and all inquiries necessary to verify the information provided herein. This information includes, but is not limited to, direct contact with the Applicant’s current and previous landlords, employers, credit holders, credit references, financial institutions, neighbors, police departments…..’*
*It is best to consult legal counsel to determine the appropriate wording.
To verify that you are an actual landlord who is using their service to run credit checks on tenants, most companies will require you to submit information to confirm this. The required forms will vary by company, but can include:
- A document verifying your current address (telephone bill or similar).
- Proof of identification (driver’s license or passport).
- Proof that you own the rental property (deed, insurance document, mortgage statement, proof of title, utility bills, purchase agreement).
It can take from 2 to 10 days to get approved, but once approved, it will be a much quicker turnaround time to run credit checks on prospective tenants. Checks can sometimes be done in a matter of seconds.
Decide If You Will Charge a Fee to Run a Credit Check
Some landlords find that charging an application fee, such as $15, to run a credit check saves them money in the long run because prospective tenants with poor credit will usually not consent to pay a fee. Other landlords do not charge a fee because they are afraid that a fee will deter even good tenants from applying to rent their property.
Another option is to charge the fee, but if the tenant rents the apartment, you will deduct the fee from the first month’s rent or will add it to their security deposit. A final option is to only perform credit checks on applicants that first leave a deposit for the apartment and have completely filled out your application so that you know they are truly interested in the apartment.
Verify Items Before Running a Credit Check
To save yourself time and money, there are certain things you can verify on your own.
- Prospective Tenant’s Name: Ask to see an ID so you can verify that the name and the face are one in the same. Make a copy of the ID to keep with the application.
- Employment History: You can call the tenant’s current employer to verify their salary and employment status.
- Prospective Tenant’s Current Address and Landlord: Find out if they do live there, and if so, what type of tenant they are.
If the tenant has lied about any of these things, there is really no sense in proceeding with a credit check because they are most likely not someone you will want to rent to.
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