Updated: Jul 3, 2020
One of the most important aspects to consider when choosing a new tenant is credit checks. In fact, every landlord will be more than happy to know if the prospective tenant is likely to pay their rent on time besides what they claim during negotiations. It is true that checking for credit history and tenant screening incur some costs. However, just because of the cost factor, a landlord should not avoid doing it. To cover that, you can easily charge an application fee on all the prospective tenants.
What information is included in a tenant screen?
As a result of performing a credit history and tenant screening, you will be able to read some specific information about the prospective tenants. That information will inspire you about the prospective tenant so you can decide whether or not to accept him or her.
1. Identification information
This refers to the information such as name, past addresses, aliases, and social security number of the tenant.
2. Credit History Checks
This segment will include information about the bank account for a period of 7 to 10 years including FICO. In addition to that, it exposes credit card information and loan information of the respective tenant. You will be able to see how long their accounts have been open, the history of the payments, their loan limits, etc. as well.
3. Civil Information
Information related to previous evictions, tax liens, bankruptcies, and civil judgments will be included in the public records segment.
This segment exposes who else has requested credit reports for the prospective tenant (for the last 12 months).
5. Criminal Background
Depending on your package, you will have a full picture of your applicant's criminal past. This generally includes searching through our National Databases comprised of over 650 Million court records (updated daily), National Sex Offender, and State/Local courthouses.