Tenant Credit Report and Background Checks

If not a common practice, landlords should make it so, to approve prospective tenants only after checking and verifying their credit report and references. Tenant screening alerts one to potential problems before signing of the lease, greatly reducing the risk of entrusting a rental property to problem tenants.

However, before a credit report can be obtained, landlords need to have prospective tenant applicants complete a written application, which should provide all relevant information, such as, name, social security number, etc. required for running credit reports.

But, obtaining the necessary information is not enough, written permission from the applicant to perform a credit check is needed, as well. This could be a clause in the application form or a separate form authorising the landlord to run a credit check, which the applicant will have to sign before a landlord can go ahead and obtain a credit report.

If a landlord has a large number of applicants for his / her rental property, credit checks can prove to be fairly expensive. Therefore, a landlord can request a prospective tenant to cover the cost. It helps to know beforehand the type of credit report needed, including the agency charges for providing it, so as to be able to request the correct amount from the applicants.

There are many agencies in the business of providing credit checks and other screening services, and while some require a membership fee, there are others who charge only for each report. A landlord of a large rental complex, who has many applicants, would be better of registering as a member of one of these agencies, such as, www.e-renter.com, saving more money due to bulk discounts members are offered.

www.e-renter.com offers many different kinds of services from credit reports, criminal records, evictions records, FCRA compliant declination letters, online submission to collections, automated decision-making, and how to accept a web based application from your own site. With online access to www.e-renter.com, landlords can order and review reports in seconds.

There are no monthly fees, no minimum billing amounts and no annual fees at www.e-renter.com, one only pays for reports ordered, from consumer credit reports, criminal record searches, eviction histories, ID verifications, business credit reports, etc., including allowing members to generate FCRA compliant declination letters, do online submissions to a collections agency, accept web based rental applications, use decision tables to qualify applicants, and more. Credit reports complete with FICO scores, known credit patterns, employment histories, in addition to the usual information on liens, account balances, and pending judgments are all available at www.e-renter.com.

Utilising the services of a screening agency helps reduce the time a landlord would have to spend on checking prospective tenant backgrounds, clearing more time for applicant processing and property management.

On a cautionary note, applicants should not be judged solely on the basis of their credit reports. Credit reports while providing valuable insights, do not give the whole picture, as there is no one, who has never run into a rough patch in their life.

Visit www.e-renter.com for tenant screening and background check services.