#credit report check
Landlord Credit Report
Landlord Credit Reports can be run by landlords to screen their prospective tenants for unpaid bills, both present and past. Unpaid debts on a credit report can give a good idea on whether or not you will receive the rent owed every month. Some landlords agree that not all derogatory information seen on a credit bureau is an immediate decline.
Some derogatory information that shows up in a Landlord Credit Report can be explained. A good example could be late payments on multiple creditors during a specific time period, when otherwise the tenant had a perfect history. This could be due to an act of nature such as a tornado or other catastrophic event. In a situation like this, landlords will sometimes turn a blind eye.
Credit Reports can be a good determining factor on whether to rent to any given tenant, but it should not be the only factor. Background Checks, and Sexual Offender checks should be supplemental to the Landlord Credit Report for an overall evaluation and, of course, landlord peace of mind.
Especially these days, doing your due diligence on your renter is a critical step to find that “dream” tenant that pays their rent on time, treats your property with respect, and gives you confidence that your rental is in good hands. The potential problems with a bad renter can be a nightmare. From missed rents to trashed properties, you really can’t be too careful these days in who you rent to.