Items To Bear In Mind When Getting A Credit Check On Prospective Tenants
Posted July 26, 2010 – 5:17 am in: LoansWhen you decide to rent, be aware that credit checks are standard nowadays. Credit checks consist of the landlord calling previous landlords where you have rented, or calling your employer to find out about your employment history. A landlord may hire an agency to run a credit check on you.
Credit checks help landlords to find the perfect renter. It helps them weed out those who may cause issues down the road. A credit check helps minimize any potential risk that may form.
When you rent, you need to disclose certain information in order to perform a credit check. Often this includes full name, date of birth, current address, and social security number.
All landlords are required to inform possible tenants they are going to perform a credit check. Usually this notice is found on the application and the interested tenant has to sign a consent form before the landlord can run a credit check.
If not, then you should get this consent on another form, as it is vital that you have permission. No matter how you get it, make sure you do.
When landlords receive a lot of interest in their rental property, they will often seek out the aid from agencies to perform credit checks on their behalf. The downside of hiring an agency is the cost. Any expenses accumulated during the credit check will be the applicants’ responsibility and not the landlords.
Credit check agencies provide the landlords with important information. They supply information such as criminal history, employment history, bankruptcies, payment history, evictions, along with other information deemed relevant.
To comply with the Fair Credit Reporting Act, landlords must inform applicants in writing if they fail to meet eligibility requirements to rent the property. They don’t need to disclose the exact reason for rejection as long as it is stated that the decision was made as a result of the credit check.
The writer has been contributing articles on personal finance for the past six years. In addition, the individual likes writing on New York real estate, like Chinatown apartments for rent along with apartments Lincoln Center.
categories: Real Estate,Credit,Finance,Personal Finance,Rentals,Leases,Loans,Debt,Budgeting,Saving,Advice,Home,Family,Investment
