Tenant Credit Checks for Landlords

tenantriskverification February 16, 2012 0

This lens is all about tenant background checks that are essential for Landlords if they want to reduce the risk of losing money or having unsuitable tenants. The services discussed for landlords are also available for letting agents.

As a landlord you need to ensure your rental property is looked after, your tenants are happy and you have a steady income of rent. The third point here is one of the most important for landlords when it comes to earning a living without rent coming in you have a struggle on your hands to pay your own bills, and furthermore, you would then have difficulty paying any legal bills that would need to be covered in order to get the money from your non-paying tenants.

So, in order to have risk free tenants and save the unknown worry that your tenants may not be reliable, may not have the money to pay you and may stop paying you rent, it is imperative that you run a background check on your prospective tenants before agreements and contracts are signed.

Tenant screening is common practice for landlords and letting agents nowadays, and is quick and simple when you use professional tenant referencing companies. All you need to do is create an account, enter your details and then start submitting requests for tenant credit reports. Tenants can also log on to the service to keep their peace of mind that it is a common process and does not invade their privacy.

Get a full profile review for each potential tenant interested in your rental property. This full profile includes everything you need for a peace of mind when letting your property out to new tenants.

Including –
Employment & Income
Previous Lettings & Ownership Checks
Confirmation of Residency
Affordability Calculation
Full Credit History Check

When you’re renting out a property it is essential to have good insurance. In addition to house insurance and the tenants contents insurance, the less known insurance policies are also highly beneficial Rent Guarantee and Legal Protection for Landlords.

These are available from any good insurer, and sometimes require a tenant credit check to be carried out prior to purchasing this type of insurance. Rent guarantee insurance will help a landlord whose tenants stop paying and legal expenses insurances ensures that a landlord has peace of mind should they ever need to take their tenant to court.

Source: squidoo

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