Landlord Credit Checks

By Alison Cole

A person who owns a property such as a house, apartment, or a piece of real estate and rents or leases out his property or properties to other individuals or organizations is known as a landlord. These properties provide the landlords with their source of income. So, checking the tenant's credit worthiness prevents a loss of income for landlords. They have to be very careful while choosing their tenants. There are a lot of means by which landlords can find suitable tenants to rent or lease their properties. The person who is selected must be capable of paying the assigned rent on a regular, agreed-upon basis.

It is standard for the landlord to check the credit worthiness of the tenant. Normally, when a landlord receives an application from a tenant requesting to rent his property, he can check the person's identification and the person's employment status. Then with the consent of the person concerned the landlord can also run a credit check.

The landlord can check the financial abilities of the prospective tenant by contacting the financial institutions in which the tenant has his accounts. The landlord can also contact the tenant?s former landlords to check the payment records of the applicant. There are also agencies that offer reports about the previous payment records of the prospective tenant. This gives the landlord a clear idea about the paying abilities of the tenant and helps him make a decision on whether to accept or deny the tenant's application.

Knowing the true identity of the tenant is a must for the landlord. The landlord may be unable to check all the details by himself. There are firms that offer services to the landlords to identify the fraud and problematic perspective tenant. These firms give the landlord a report on the identity of the applicant, his present and previous addresses, whether his social security number is right or wrong, his previous rent paying records and many other important pieces of information.

By paying the fees for the service, landlords are equipped with reports that enable them to find good, reliable tenants to rent or lease out their property to and in turn, decrease their risk of income losses.

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