How to Obtain Credit Information on Tenant Applications
Renting out property is a great way to make money each month. But that only works if you have a good tenant. As a landlord, you have the right to screen tenants before you approve them to rent your property. Through the screening process, you can check a tenant's credit score and find out if this is the renter you want in your property.
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Instructions
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Create an application for the tenant to fill out. You should create the application in advance and use the same application for all potential tenants.
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Collect important information from the potential tenant. The application you created is a great way to collect this information. Make sure that all information is thoroughly filled out.
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Look for a tenant screening company that will provide the information you need. Most companies provide background checks as their base option. That means if you upgrade to a package that includes a credit check, you'll also get a background check on that tenant.
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Run a credit check on the potential tenant. Some tenant screening companies provide results instantly, although these services sometimes cost more. Input all essential information and wait for the results.
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Call previous landlords to find out the tenant's rental history. This information might not show up on a credit report or a background check, but it's important in determining the right renter for your property.
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Comply with all laws. Housing laws, credit laws and even the Patriot Act might impact how you obtain credit information on potential tenants. The best way to make sure you're in compliance is to understand these laws beforehand.
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