How to Run a Credit Check for a Renter
If you're a landlord, there are certain things you must do to protect yourself and your property. A few of these may include charging your renters deposits, checking to ensure that they are employed and calling personal references. Another great step you can take to ensure that you are protected is to run a credit check on your renters.
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Instructions
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Create an account with an online credit check service. Your first step should be to create an account with an online credit check service. There are many of these available, and they will typically charge you a fee for each check you perform. In most instances, the fee ranges from $14.95- $34.95, depending on the company you choose. However, you can get out of this fee -- and you'll learn how in a moment. One such service is ClearScreening (the link below) -- but don't feel limited to this one. You'll find that there are several services like this one available.
Once you find the company you want to go with, sign up for an account. -
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Have your renter fill out an information sheet. Your next step will be to have your renter fill out an information sheet with his information. The kind of information you need to complete a credit check on your renter includes:
Full name (including maiden name, if applicable)
Last 2 addresses and how long he lived at those addresses.
Social security number and birth date.
Signature confirming his agreement to allow you to perform a credit check.
You will use this information with the company you chose to receive the credit report. -
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Charge your renter an application fee. This is how you will get out of paying those check fees every time you perform a credit check on a renter. Most landlords charge these fees, so it is expected -- however, you should let your renter know up front that there is a fee. A normal application fee is around $25.
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Log in and enter the information into the credit checker. Now that you have the information you need, you'll want to log in to your account with the company you chose and perform the credit check. You'll have to enter the required information that you've already obtained from the potential renter.
You will be provided with a clear report which should help you determine whether or not the renter is qualified to rent from you.
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