How to Check a Client's Credit Score
Whether you’re a landlord or a small business owner, several reasons justify reviewing a client’s credit score. Credit scores say a lot about a person, and you’ll be able to gauge whether your client is responsible and pays his bills on time.
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Instructions
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Ask for permission. It’s illegal to pull a client’s credit report without her permission. If your business transaction involves a contract, be sure to mention “subject to credit approval.” This demonstrations your intent to check your client's credit, and by signing the contract, the client gives you permission.
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Request your client's name, address and Social Security number. You’ll need this specific personal information before you can check your client’s credit score.
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Contact a local credit bureau. Many places will check credit scores. This includes the larger bureaus such as Experian, TransUnion and Equifax. However, if you’re running a small business or simply want to check a renter’s credit history, a local bureau will suffice.
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Pay a fee. Another reason why many small businesses and landlords choose local credit bureaus is because they’re cheaper. The larger bureaus charge up to $1,000 per credit report or score but offer discounts on multiple reports. On the other hand, a local bureau may charge between $15 and $60 per score.
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Obtain multiple scores. Because reporting errors are common, you may request more than one credit score. Expect varying numbers. However, the difference should be less than 20 to 30 points. Huge differences can be the result of a reporting error.
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