Your Questions About Credit Reports For Renters

Nancy asks…

How do I do a credit check on renters?

I have been giving potential renters an application form to complete that includes a form giving me permission to do credit checks/employment checks etc. Now that I have collected several of these, I need to proceed. How is this done and what is the cost? Any advice in this area is appreciated.
(I am renting out a home) I just don’t want tenants who have bad credit ratings.

John answers:

Find an association of renters in your city
for help on this as laws ar different every
where. U don’t want to mess up on your
local laws.

Normally u would contact each credit
reporting agency fill out their papers
and submit copies of signed releases.

Mark asks…

How do I check the credit of a potential renter?

What companies can I use to check people’s credit before I allow them to rent my apartment?

John answers:

You’ll probably need to apply with a screening company that will retrieve the credit report on your behalf. Obviously credit reports contain very sensitive information and the three credit reporting bureaus are suppose to safeguard the information.

Try to find an established local screening company in your area.

William asks…

How can you find a responsible renter?

I have a small house (a fixer upper) and was wondering where I could find a renter who would be willing to fix it up. I would be willing to deduct the expenses from the rent.

John answers:

You have two problems to tackle. First, you must be sure that the tenant can perform the work required to your satisfaction. Insist on trade references, and check them out.

Second, you must screen your tenant for creditworthiness. Joining an apartment owners association usually will also get you access to credit bureau reports. Have a prospectove tenant fill out a comprehensive application and be diligent about verifying all of the information. Many landlords with few pieces of property rely on their gut feeling when screening tenants and they often get burned. There is no substitute for doing your homework.

Good luck with your plan.

Chris asks…

How does getting kicked out of an apartment effect your credit?

Okay so im 19 and i just got kicked out of my first apartment because of partying and noise complaints (stupid i know). I just wanna know if anyone has any info on how this messes with your credit. And if it does how long does it take to hit my credit. And also am i still able to get another apartment?
I didnt pay my last months rent because i knew i was getting kicked out

John answers:

The apartment company will most likely report the unpaid portion of the rent remaining under your agreement to the credit bureau, unless they agreed to let you out of your contract. Otherwise it will make it difficult to get a new lease because the next renter will call your previous landlord to get a reference.

Sandra asks…

What’s more beneficial financially? To be on the title of a house, the loan, or both?

My boyfriend and I have been living together for three years in his house. I have been paying him “rent” but not having any financial benefits of being a ‘home owner.’ What would be better financially on my end? To be on the title of the house, the loan for the house, or both? I’m interested in hearing pro’s and con’s as well as opinions as to what would be better for credit reporting, etc… Thank you!

John answers:

Unless you are married you should not be involved at all, you are a renter.

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