As a homeowner, I would say it’s essential to run a credit check before giving the house on rent. Ever since we have put one of our flats on rent, we are very cautious regarding finding the right tenants. I have shared a comprehensive process on a few things to consider when you’re renting a property. So, whether you’re a landlord or a tenant, this guide will help you understand what do landlords see on credit check.
What can Landlord See on Credit Report?
If you’re a landlord, the most important thing you should watch out for in your prospective tenant’s credit report is the credit score and the payment history. A few more things that you should check are:
Debt loads
Payment gaps
Credit card charge offs
Late payments
Bankruptcies
I hope this gives you an idea of what do landlords see on your credit report.
What if the Tenant Doesn’t have a Credit?
We have had cases where our prospective tenants didn’t have any credit. In such cases, you don’t need to rule them out of the list. A credit check is essential, but there are other ways to find your prospective tenant’s history.
You need to dig more into their financial history. This includes verifying their identity, employment and income details, and rental history.
You can also ask for a letter from their current employer and previous landlord (if any) to check their credibility.
I hope this helps. If you are someone looking for a house to rent, keep these pointers in mind, and make sure you have a clean payment history and a good credit score.
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Authors Of The Question
What Do Landlords See on Credit Check?
Baman
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6 days
2024-12-05T09:42:13+00:00 2024-12-05T10:56:59+00:00Comment
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