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Run a Tenant Check for Every Renter Applicant
A good landlord doesn’t rent to just anyone. Being a property manager is a business, and if you’re not careful who you have business dealings with, that business could fall apart. When it comes to renting, being careful means doing a tenant check on every person whom you might potentially rent to. One or two tenants who are a week or two behind paying the rent probably won’t break you, but a building full of chronically late or defaulting tenants could. That’s why a complete tenant check on every renter is so important. Fortunately, doing a quality tenant check and getting the information you need is fairly easy once you know where to look.
What You'll Find in a Tenant Check of Credit
A good tenant check report will give you access to the individual’s credit report. This will tell you the person’s FICO score, credit history and employment history, among other useful pieces of information. This information will be extremely helpful to you when you are making your decision on renting to someone. You’ll be able to see whether the potential tenant typically pays his bills on time, a week or two late, or not at all. Naturally, as someone who is invested in collecting the rent month after month, this will be vital information. A look at employment history will tell you how many jobs a person has had in the last few years and how long he or she has held them, which can give you more insight into how reliable and trustworthy the person will be as a tenant in your rental property.
Getting Started with a Tenant Check
Since you’ll probably be doing many tenant checks moving forward, consider becoming a member of ClearScreening. ClearScreening is a service that offers a wide variety of reports on individuals to help you determine whether or not they are people you want to do business with. ClearScreening can provide a tenant check for you that will give you TransUnion credit report information so that you can learn your potential tenant’s credit score and history. You can even request two reports at once for when two people are applying to rent one of your units together. It’s free to become a member of ClearScreening and there are no monthly minimums, so go ahead and join now to get started on finding the perfect tenants for your apartment or other rental property.