What the heck is a tenant background check and search?
The best way to earn from your property is to rent it out. But, in today’s world, crime is at its best and there are several cases of landlords spending sleepless nights due to property damage, unpaid rent and even harrowing experiences to evict tenants. Tenant background check by landlords themselves or any property management company ensures creditworthiness as well as correct tenant identity with a detailed tenant background check report. The end result is to have a clearer picture of your tenant so that they get their monthly rent and there is no damage to their property during their stay.
What are the steps required to perform a tenant background check?
o Get detailed information on your prospective tenant – The first step in verifying the landlord and tenant is to get a tenant application form filled out by the prospective tenant, including full name, previous residential address, employment record, and even phone number. of social security. The application form should also include contact numbers, salary information, and bank account details. Try to acquire proof of identification such as a driver’s license, birth certificate or passport for all members who would be staying. A minimum of two references must accompany the application form to perform a proper background search on the tenant.
o Assign the job to a tenant background check agency – it is not always possible for a landlord to verify the full information provided by the tenant, so it is best to hire professionals who are in the field for this particular service for nominal fees . The landlord may recover the fees from prospective tenants as a rental application screening fee.
What are the authentic sources of the tenant’s report?
For the most part, the tenant background check report is based on data from:
o Experian Consumer Credit
o Equifax Locator Services
o International Credit Reference Agencies
o Bankers reference
or Dun & Bradstreet
o Call Credit Consumer Scoring Systems
o RSA High Risk Tenant Repository.
What are the mandatory checks in the evaluation of the tenant’s credit report?
It happens that it is not possible for everyone to have high credit scores because sometimes there may be non-payment. Therefore, it becomes essential to check for certain issues on a tenant report, such as eviction history, non-payment of rent, or any other major delinquencies, such as criminal history and employment status.
What are the different types of tenant verification reports?
Different agencies provide different reporting packages tailored to the landlord’s requirements and the charges for them vary accordingly.
What is the time required to get a detailed tenant verification report?
At most tenant credit checking agencies, each report is handled by a specific analyst and their goal is to deliver a detailed report to their client by the next business day. However, in cases of advanced reports, an additional day may be required in addition to the delay by the referees, if any.