How to Get a Free Credit Check on Your Prospective Tenants
If you are renting out you home, there are chances that you want to ensure that you are renting out to people who are of a low risk. This will help you to ensure that you are going to get the money each month. It is possible to do a free credit check on your potential tenants but you will need to ensure that you have their permission first or have at least told them that you will do this.
The main thing that you want to know is whether the tenant has ever been evicted for not pay their rent or has destroyed the property. This will help you to ensure that, not only will you get the rent but that you will have a clean property to. You do not need a free credit check for this; you could ask for references from previous tenants.
You will need to ask the tenant to fill out an application for their interest in the property. This will need to have previous addresses and the contact information for the previous landlords. You should also ask for the employment information and details about the salary. Ask for social security numbers, license numbers and their date of birth; this will give you the information that you need for the free credit check.
You can do checks yourself by contacting the landlords and the employers. This will give you a chance to talk to them to find out about the person. You will be limited to the amount of information that you can find out but you will be able to find out whether they really are in the job and whether they have a good track record on making the payments. This will be easier and quicker than gaining a free credit check.
You can ask the tenant to send you their credit report by enrolling in a free trial from a reputable company. There will be times that a tenant cannot do this, such as if they have already received their free credit report for the year. However, you will find that a there is no problem for most tenants to provide you with this free credit check.
Now you will need to compare the information that you have on the free credit check against the numbers that the tenant has provided. This will help you determine whether the person is who they say they are. You will also have the chance to see any bad debts that the tenant has and whether they have defaulted on payments in the past.
However, just because the tenant has previous defaults on their report, it does not mean that they will not pay their rent on time. You will need to check to ensure that there are no bankruptcy notes or that there is anything about missed rent and utility bills. You will also need to read any notes that are on the free credit check; maybe the person was out of work for a short time, which is the reason for any bad debts.