Tenant Credit Report is a written document describing the findings of tenants regarding their trustworthiness. Tenant Credit Report can be carried on with more than one agencies. Three such leading Credit Bureaus (agencies) include Experian, TransUnion, and Equifax. Normally landlords and property management companies run one such credit agency for acquiring an eviction report or a criminal search report.
A sound and effective Tenant Credit Report can prevent and save landlords from any unnecessary jeopardies and anxieties . It can economize the landlord thousands of dollars.
Tenant Credit Report service recipients
The recipients who need to acquire Tenant Credit Report service include Landlords, Property Managers, Real Estate Agents, Mortgage Brokers, Brokers, Employers, Businesses, and Collection Agents.
Components of Tenant Credit Report
Some of the prominent features and items included in any Tenant Credit Report are:
Rental history verification regarding present and previous rentals
Employment and salary checking
Account fund verification
Criminal record checking of tenants
Turnaround time for tenant screening
Social security number verification
Tenant Credit Report also includes items like tax liens, judgments, and bankruptcies if they exist.
Advice by experts
In today’s mobile society, tenants are coming in and going out at short intervals. That is why, landlords or resident managers need always be equipped with complete tenant credit report. Credit Bureaus normally offer two types of tenant credit report. One is called summary report, where no site inspection will be done. Another is called consumer report, where site inspection is exercised. Landlords should take the advantage of using Tenant Credit Report at a regular interval, before approving tenants for their rental property. This will minimize the stress and anxiety.
Tenant Credit Report can be expensive, specifically when the number of applicants are many. One should be certain about the type of credit report they want. Some credit bureaus ask for membership fee, while others charge per report.