When you are screening potential tenants for your rental properties, you need to get sufficient information to ensure you are choosing quality tenants. One piece of that information puzzle is a tenant credit report. If you take the time to check tenant credit, you will be informed about potential financial problems and concerns that might be red flags against a particular tenant. The American Apartment Owners Association makes it easy to run renter credit checks as part of your overall credit screening process.
What Is a Tenant Credit Check?
A tenant credit check is a credit check a landlord runs on a potential tenant to determine if there are any outstanding financial problems that would make this person a poor choice for a renter. A rental credit check shows the tenant’s credit score as well as details about recent credit history, including instances of non-payment or delinquencies, so you can have a clear picture of the tenant’s financial status and reliability.
Performing a Credit Check for Renters Gives You the Big Picture
When you are screening potential tenants, a rental credit check is part of the big picture of your application. Many potential renters are going to have problems on their credit reports. Often, that’s the reason they are renting to begin with, because their credit does not allow them to buy a house. However, this does not necessarily make them a poor choice. A renter’s credit check will show you some of the details about their credit history, allowing you to see if they have been making wise financial decisions in recent months.
This allows you to weed out those tenants who have a history of non-payment of their bills, or frequent delinquencies. It also gives you the chance to ask a few questions to determine if problems — like bankruptcies or a period of delinquency — were due to unexpected financial situations that have since been rectified. By having more information about a potential tenant, you will be more informed and able to make better decisions.
Start the Process to Check Tenant Credit Today!
A renter credit report is specifically designed to meet the needs of a landlord. Working with a company that specializes in credit checks for landlords ensures you have the exact information you need to make the right decision for your property. The American Apartment Owners Association offers credit checks for renters that work quickly to get you the information you need.
To start the process, purchase your tenant screening package from the American Apartment Owners Association. Enter your tenant information, and get immediate access to many reports. Then, your tenants will receive an email with a unique link they use to confirm their identity and provide permission for you to see the tenant credit report. As soon as they provide permission you will receive an email with a link to the credit report and score. This requires no underwriting or additional documentation. You can also skip this tenant cooperation method by becoming underwritten.
Don’t make the mistake of renting to people who may not have a solid financial track record. Purchase your tenant screening package with a renter credit report today and take advantage of our $10-off special offer for American Apartment Owners Association Value Members.