A landlord is able to obtain information about the prospective tenant's credit payment history with the help of a landlord credit check. All bills payments by him and credit accounts operated by him, can be found out by conducting a landlord credit check. Thus it is important for a landlord to do a landlord credit check on the tenant he wishes to let out his property to.
What information can be obtained with a Landlord Credit Check
A landlord credit check should ideally obtain these four types of information: identifying information, credit information, public record information, and other inquiries.
Identifying information includes:
? Tenant's name
? Tenant's present and past addresses
? Tenant's Social Security number
? Tenant's year of birth
? Tenant's current and previous employers
? If the tenant is married, then his/her spouse's name
Credit information includes credit accounts or loans in the tenant's name:
? Banks
? Retailers
? Credit card issuers
? Other lenders
Public record information includes any details that's contained in state and county court records:
? Bankruptcies
? Tax liens
? Monetary judgments
As a landlord you will have your own way of assessing a prospective tenant. However, the main decisive factor of renting out is to ascertain the tenant's creditworthiness. Before you rent out, you would want to be completely sure that you get paid rent on time. For this reason, it is important that conduct a landlord credit check. On the basis of a landlord credit check, you will be able to settle on whether to rent out to the prospective tenant or not.
