When a new tenant is about to move in, as a landlord one of the first things you should investigate is the credit worthiness of your new tenants. Credit reports allow you to not only see your client’s credit score, it also allows you to see what their previous credit history looks like. You can see what types of payments and loans they have outstanding and what their payment history is like. Seeing the credit worthiness of potential tenants is a big factor when deciding whether or not they should be allowed to rent from you.
Credit reports are easy to run, but many people don’t know how to do them. As a registered business that provides tenants with a place to live, you can apply to be able to run reports on a regular basis, or you can simply run them one by one on the web. Depending on the number of people you’ll be running through a credit check will determine which type of credit rating plan you should aim for.
From a tenant’s perspective, although they may be denied entry into a property, landlord credit checks are beneficial to them in that if a landlord ensures that all of their tenants are credit worthy, they can make sure that payments and maintenance are always in order. If a landlord can’t afford to pay his or her mortgage and taxes on the property you’re staying in, you could be evicted. This is in addition to background checks for landlords, which also ensure the safety of tenants staying in a property. Websites like www.instantbackgroundchecks.us provide easy background and credit checks of potential tenants.