How to Run a Credit Check on a Potential Tenant For Landlords
How to Run a Credit Check on a Potential Tenant - For Landlords Skip to content
Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now Another option is to use a service that permits you to pull the credit reports from all three credit bureaus at one time. CreditReport.com has an option for landlords to do just that: Input all of the tenant information just once and receive all three credit reports. It’s best to review all three credit reports because each creditor reports to different credit bureaus, giving you a more complete credit history for the tenant. A final option is to use an all-in-one service that combines tenant credit checks, references, and rent guarantee insurance, among other capabilities. Portico Direct is a market leader in this space.
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Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Invest Money Real EstateHow to Run a Credit Check on a Potential Tenant – For Landlords
By Kristie Lorette Date September 14, 2021FEATURED PROMOTION
As a landlord, your primary responsibility is to find stellar tenants to occupy the property – tenants who pay the rent and take care of their rented home as if it were their own. The difference between finding a great tenant and one who turns out to be a deadbeat may be determined in the information you discover when running a credit check on a potential tenant. The least expensive way to run a credit check is to run it yourself. If you hire a service to conduct the credit check, background check, and eviction report for you, it can cost anywhere from $29.99 or more for one person, and from $19.99 to $34.99 for each additional tenant. However, if you’re willing to put in the time and the effort, running the credit check yourself can cost you nothing. The biggest challenge is knowing what to look for once you have the credit check in front of you.Credit Services
Each of the three credit bureaus offers a tenant screening process which allows you to pull a credit report on potential tenants. You can choose one of the services to pull your reports. Experian. There is no fee for landlords to run a tenant credit check using Experian.TransUnion. The total fee to receive a credit report, credit recommendation, and criminal background check is $30 via TransUnion.Equifax. To receive an Equifax credit report, independent landlords have to go through the National Association of Independent Landlords. The fee is $15.95 for a comprehensive credit report. Full criminal background checks cost $29.95. I have used all three credit bureaus to pull credit reports for prospective tenants. Each process is smooth, easy to understand, and affordable.Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now Another option is to use a service that permits you to pull the credit reports from all three credit bureaus at one time. CreditReport.com has an option for landlords to do just that: Input all of the tenant information just once and receive all three credit reports. It’s best to review all three credit reports because each creditor reports to different credit bureaus, giving you a more complete credit history for the tenant. A final option is to use an all-in-one service that combines tenant credit checks, references, and rent guarantee insurance, among other capabilities. Portico Direct is a market leader in this space.