Landlord Credit Check
In Today’s Economy, a Landlord Credit Check Can Protect Your Assets
[Posted on Feb 07]
Most people have been affected by the economic breakdown in one way or another. Job losses and a host of foreclosures have given many people bad credit. This will include people who want to rent your property. One way to ensure that your assets are protected is to have a landlord credit check run before you actual rent to anyone. This gives you the opportunity to check a potential tenant’s past credit history to ensure that they are trustworthy. You can get information such as past rental contracts and learn whether this particular person has paid his or her rent on time in the past.
Of course it is important to understand that the economy has affected millions of people and just because a person shows one or two late payments does not necessarily mean that he or she is not trustworthy. However, having a tenant screening done prior to renting will give you the information that you need to determine how many late payments a potential tenant may have had. Once you have this information in your hands you can speak with your potential tenants and determine where to go from here. You can learn about any past bankruptcy filings and whether or not this person has ever been sued for uncollected rental payments.
You should be certain to look at every aspect of your tenant credit report. Make sure that you note any information that you want to clear up with your potential tenant. If you notice a flaw on the report, you can always speak to your potential tenant and find out just why this flaw is there. If someone has a past bankruptcy, but it is several years in the past then he or she may have built up a better credit over the past year or so. If a bankruptcy is due to a failing business, then this could be the result of the bad economy over the past few years. Be sure that you speak with your potential tenants about any problems you have with their credit history.
If you notice several discrepancies, then by all means you should protect yourself. Running a tenant credit report will allow you the information that you need to be certain you will always receive your rental payments on time. At AAA Credit Screening Services, we offer a number of helpful reports that will allow you to protect your property, your business and your personal assets. Contact us today and allow us to help you to protect yourself.