Credit Check for Tenants?
Hey small landlords. Do you do a credit check on your prospective tenants, and if so, what agency do you use (and what do you like/dislike about them?).
Hey small landlords. Do you do a credit check on your prospective tenants, and if so, what agency do you use (and what do you like/dislike about them?).
FWIW, I’d get hostile, too, if I responded to an ad that said “no credit check” and then someone wanted me to pay for a credit check. Smacks of bait-and-switch, even if that wasn’t your intention.
Our landlord never asked for a credit check but he did call my employer to confirm that I really work there. You can also ask for past landlord references.
I’ve looked at a lot of the sites people have suggested, however, they ALL seem to have really extensive documentation needed in order to join up. I understand that there are laws in place, and that’s fine, but I need to rent an apartment in a week, and can’t wait for all this processing!
Does anybody have a suggestion for a way to do all this oneself?
I’ve rented twice in New York, once in Manhattan, once in Queens. Both times the broker helped me put together a landlord package that included multiple bank statements, employment letter, SS number, references, the works. I had to pay $80 on both occasions for the broker/landlord to run my credit. All management companies do this and it’s good practice for individual landlords. If I was renting out an apartment I would consider all aspects of the package. Bankruptcy due to medical bills is not the same as bankruptcy due to profligacy, 30% of all cancer patients in the US end up bankrupt. Credit score is important, not the be all and end all though. I would be just as interested in the housing court reports.
oh wait duh nevermind. it just occurred to me that some landlords are doing multiple credit reports for an apartment so it probably does add up.. sometimes i can be a lil outta touch with reality
*rob*
Rob, I don’t think it’s out of order to charge tenants for running a report. It’s usually not a free service to the landlord and can become quite expensive if we don’t charge. Because I don’t pay though I usually don’t charge people to run their credit but if I incur other service charges… I will charge for those.
“charging tenants the fee for a credit check is BEYOND riff-raff. not to mention gauche”
It’s worked for me as a landlord, and I’m neither gauche nor riff raff. And, if the prospective tenant doesn’t like it, they can simply go look for an apartment somewhere else.
Thanks Vinca… I was gonna tell Rob the same thing.. I use myfico to run my own as well. When a company runs ur report it shows up on your credit report as an inquiry and lowers ur score (not by much but every lil bit helps-smile. When you do myfico and other sites as Vinca suggested it’s what’s called a “soft” pull and doesn’t work against you.
charging tenants the fee for a credit check is BEYOND riff-raff. not to mention gauche
*rob*
http://www.e-renter.com is the best I have found. You can charge your tenants the fee and they are simple to work with.