If you are an owner of an apartment building or a home which needs to be rented, you will find that you will need to perform a credit check on all new tenants. Performing a credit check online has become very easy to do. There are also some credit companies like TransUnion, Experian and Equifax who will run a free credit check for the applicant once a year.
How to fill out the rental application
After you have found a prospective tenant to whom you would like to rent your home, you must have them fill out a rental application. All tenants must be screened on their credit history, credit score and not on their color and religion.
The rental application form is pretty easy to fill out. The tenant will need to put their name, address and personal information, including social security number and driver's license. They will need to list their bank accounts, place of employment, references and where they are presently living. The tenant must agree to you running their credit.
Most rental application forms have the tenant agree to pay for the credit check. Make sure you arrange with a company prior to the application, so you will know what to charge. Application fees are not refundable and should be noted on the application form.
Note:
It is against the law to be prejudicial in any way in renting or leasing a home. Even stating that a tenant has too many children is considered prejudice.
Best credit reports
The best reporting agency will depend on your particular situation. If you have basic credit with a mortgage, car payment and one or two credit cards, then anyone of the three will most likely give you the same credit score. If you have collections, several credit cards, hospital bills and more, Experian has been rated as the best. Here are the top three reporting agencies:
In the UK, they don't have TransUnion, they have Credit Call. However, according to Whichcreditreport.co.uk, Experian is the best in the UK also. Each credit reporting company has their benefits and their disadvantages. Check out all the sources for best results.
Tenant screening websites
Some landlords will prefer to buy a credit report from a tenant screening company. This company will verify all information supplied, such as employment, bank history and credit. The fees will depend on the services that you desire. There are certain companies which specialize in these types of reports. To do tenant screening, try these companies:
- E-renter.com
- Rentalprotectionagency.com
- Credasys.com
Final word
With the high rate of foreclosures and bankruptcies, tenant screening is a must. Choose carefully who you want to rent to as they may be with you for years.
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