Tenant credit check options for a landlord

 

Tenant Credit Check Options For Norfolk Landlords

It can easily slip to the bottom of the list before moving in day, but one of the most important checks you can do as a potential landlord in Norfolk is to run a credit check on anyone who is considering becoming a tenant.

If this is your first tenant in Norfolk or the South West or you are new to the whole process of running checks, there are a few options available to ensure that your tenant is going to pay you each month!

New tenants obviously provide you or your renting agency their personal information and salary details, but you have no way of really knowing if the information is correct or if there have been some details conveniently left off of the application form. ˜Financial Considerations is one of the key reasons that a landlord can deny a tenant access under the ˜Fair Housing Law “ Therefore, running a full tenant credit check gives landlords a transparent and accurate picture of the tenants current financial situation. If a potential tenant regularly misses payments and / or has a poor credit score, obviously as a landlord you are free to deny then access to your property in Norfolk or could even consider charging a higher deposit, rate of rent, or asking them to find a co-signer to guarantee the income in the event that they are not able to meet their obligations.

First things first, ˜The Fair Credit Reporting Act declares that you as the landlord must have the potential tenants permission to access his or her credit report. As you may know, many rental applications include a clause which will grant the landlord or renting agency permission to run a background or credit check on the landlords behalf. If this isnt the case you will need to draw up a separate form or obtain this permission in writing from the potential Norfolk tenant. As a guide, you will need a full set of personal information from the tenant “ Including full name, current address, date of birth and National Insurance number etc. One final consideration is that you will need to ensure that you keep all of this sensitive and personal information well secured and in line with your Privacy Policy so that it doesnt fall into the wrong hands.

Completing a potential tenant credit check through HomeLet or one of the other main credit check organisations gives all Landlords in Norfolk information about the tenants credit history, but some landlords do actually prefer to go above and beyond the tenant credit check and run criminal background check. Other additional reports can include details on history such as eviction reports in order to evaluate potential tenants thoroughly. If this comprehensive approach appeals to you more as a landlord, you may want to consider a ˜tenant screening service which can give you all of the information you need and ensure all angles are covered!

 

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