The best way to earn money with your properties is by handing them out for rent. But, in today’s world, crime is at its best and there are several instances of landlords spending sleepless nights for property damage, unpaid rent, and even going through a harrowing experience to evict tenants. A tenant background search by landlords or any property management company ensures credit worthiness as well as the correct identity of the tenant with a detailed tenant background check report. The bottom line is to have a clearer picture of your tenant so that you can get your monthly rent and there is no damage to your property during your stay.
What are the steps required to request a tenant background check?
o Get detailed information from your prospective tenant – The first step towards landlord tenant verification is to have the prospective tenant complete a tenant application form that includes full name, previous residential address, employment record, and even the social Security number. The application form should also include contact numbers, salary information, and bank account details. Try to get 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 conduct a proper background search of the tenant.
o Assign the job to the tenant’s background check agency – It is not always possible for a landlord to verify the complete information provided by the tenant, so it is best to hire professionals who are in the field of this particular service by paying nominal fees . The landlord may recover the fees from prospective tenants as a rental application appraisal fee.
What are the authentic sources of the tenant report?
For the most part, the tenant background check report is based on data from:
o Experian Consumer Credit
o Equifax location services
o International credit reference agencies
o Bankers referral
or Dun and Bradstreet
o Call consumer credit scoring systems
o RSA High Risk Tenant Repository.
What are the mandatory checks for the detection of the tenant’s credit report?
It happens that not everyone can have high credit scores, as sometimes there can be a late payment. Therefore, it is essential to check certain problems in 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 owner’s requirement and the charges for them vary by agreement.
How long does it take to get a detailed tenant verification report?
At most tenant credit check 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 advanced reporting cases, an additional day may be required in addition to the delay by the arbitrators, if applicable.