How to check credit on a tennant?

Rehabbing, Fix and Flip, Rental Properties
1

I guess the title says it all. I’m considering a deal on a property that I want to rent, but where do I go to check the credit of a prospective tennant?

Thanks ahead,
RL

2

One thing to do is get their last check stub and call the employer. checking credit i have never done and so far so good. some renters are renting because their credit isnt good. having a good job for a few years at the same place is good enough for me…also ask them for their last 2 or 3 bank statements, that will tell you if they ever bounced. GOOD LUCK.

3

A RE Landlord Club or RE Broker can pull a credit report for you.
However I require a complete application on each person that will live there and a non refundable credit report fee of $35. This gets rid of the stinkers.
The application has a release clause that allows me to check, work, neighbors, drivers license etc. I go where they live, if sloppy looking or neighbors give thumbs down I do not rent. I send each applicant a form letter that says they were approved, but a more qualified applicant was chosen.
I have a competitive rent based on two persons. I charge $50 a month for each additional anything, (child, dog, cat, etc). I also have a every 3 mo inspection (for leaks, switches, fire alarm test, etc) (:>)
As long as I have done it this way I have had great tenants.
If you can’t do this, don’t landlord untill you have +20 units and a manager, or you will get burned. Gino PS: Use your own numbers.

4

Thanks for your imput guys! Are there any ways to pull a credit report for an individual by an individual or do you have to be Incorporated in order to be able to? Can you recomend any Company on the web that does this?

Raul

5

It is a privacy issue…
You are not going to get this done for free.
If you do not get written permission from the person involved you could be sued.

6

ginoray,

I understand the privacy issue. What I intend to do is when they fill out the application, there will be a section where they will authorize me to do a credit check & that there will be a charge for it. My problem is after I have that signed, which companies out there do I go to pull the report.

7

Raul,
On the left under Investor Resources is a link for Business Tools. On that page is a link for National Tenant Network. No, you don’t have to be a company - just have to have a legitimate reason for pulling credit.

8

Thanks TRandle…I’ll try that too.

RL

9

Thanks againg guys for the imput. I went ahead and did a search on google for Tenant Screening Services & there’s a wealth of information, websites & Companies that do this. I thought I’ll share it with you.

http://www.google.com/search?hl=en&q=tennant+screening+service

Raul

10

Try this site http://youcheckcredit.com. It even have free forms for your tenant credit check application.