An accredited agency can conduct background check on behalf of a landlord. This saves a landlord from the trouble of checking it himself and also avoids any risk factor involved incase a landlord commits a mistake in tenant’s assessment. Finding out the credit information and other financial details would be difficult by a landlord. But, when this tenant’s assessment work is handed over to a professional agency they know exactly where to get the credit information from. This ensures that they have right credit information and informs a landlord if he is financially sound or not. Therefore, pre-qualifying tenants should be considered by every landlord. While it takes effort to begin any new procedure, it will soon be a habit—and this is a habit that will pay off through better relationships with your tenants and increased profits for you!
Fair Housing Laws and Fair Credit Reporting Act!
Any accredited tenant assessor will adhere to the Fair Housing Laws and Fair Credit Reporting Act and use this as a guideline. According to this act, an agency will have to have the tenant’s consent prior to any landlord background checks carried out. Tenant’s information will be collected from various sources such as his previous landlord, employer, credit reference agency, bank and police station.
-Information about any rental defaults or damages to landlord’s building or contents will be cross verified from a tenant’s previous landlord. They also check if there has been any eviction in the past.
-Information about whether a tenant is on contract or has full term employment will be cross verified from the tenant’s employer.
-Information about credit scores of a tenant will be revealed by a credit reference agency. This will inform a landlord about tenant’s bankruptcy filings, county court Judgement or arrears if any.
-If there are any criminal records against a tenant or is he involved in any illicit activity will be found out from the Cops.
This will not only help you find potential tenant and also avoid any broken lease agreements and evictions in future. Eviction is an utter waste of time and money. Consider tenant reference agency to carry out the necessary tenant’s credit checks and cross verify the entire tenant’s information from various sources. This will guarantee a landlord the most qualifying tenant for his rental unit. This would not have been possible if a landlord was to cross verify tenant’s information on his own.
Vijay Koragappa Shetty, Expert Author, Platinum Status. Information on Tenant credit checks:
Tenant Credit Checks and ReferencesTenant referencing companies enquiries at: Tenant Referencing Company
