Tenant Reports Information
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Need help in Choosing a Tenant Screening Company?
Let us help you make the right choice A background on the Background Screening Industry: With over 1,000 screening companies to choose from, picking the right tenant screening service provider can feel like an overwhelming task. The internet advertises many quick-fixes, all-in-one solutions, that seem simple to access and offer very inexpensive products. Like most things in life, you get what you pay for. Read the rest of this article » |
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Overview of Tenant Reports
Of the many pitfalls and risks facing the individual real estate investor, few equal the devastating effects of fraud committed by tenants. Unlike their larger commercial counterparts in which the risk of rental fraud is spread across significant property holdings, the small landlord often faces financial ruin due to non-payment of rent, vandalism and criminal activity committed by tenants. |
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A pre-rental investigation, known colloquially
as tenant screening, is a process of information gathering and evaluation by
which a rental applicant is subject to in-depth scrutiny, to assist a
landlord in determining eligibility for tenancy. At a bare-minimum, tenant
screening should include a completed rental application without omissions, a
tenant credit report, a background report, and a criminal report.
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A tenant credit report is perhaps the single
most important tool available to landlords and should always be run before
entering into a lease agreement. It contains valuable pedigree information
(name, social security number, and addresses); liens, judgments, and
bankruptcy history information; credit accounts (including balances, limits,
when opened and closed, and amounts past due); and inquiries from entities
considering extending credit to the subject.
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Background reports should always include an
investigation into an applicant's identity, employment, and prior and
current landlords. A rental application, completed in its entirety, provides
a basis from which to begin. Contrast the information contained in the same
with that found in the tenant credit report.
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Despite limitations in access to criminal
records, and the absence of a federal depository of convictions available to
those outside of law enforcement circles, criminal reports are still of
value to landlords. The impact of criminal activity conducted in a property
owned by an individual real estate investor, in terms of insurance premiums
and legal fees, can be great. Read the rest of this article » |
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