Credit Checks for Renting a House
Renting a home is an involved process, as you not only have to check past rental history but also other aspects of a potential renter's life. From personal references to employment verification, the more thorough you are from the outset, the more likely you will get the right tenant in your rental home. A credit check can be part of this process, though it may quickly eliminate tenants you thought might be a good fit. It gives you a clear idea of whether a potential renter is responsible enough to lease your property.
Process
Inform your potential renter that you intend to check his credit. Ask your renter to sign a credit authorization form that typically includes his Social Security number and signature, which you submit with a request for his report. There are sites to facilitate this process, such as Tenant Verification or National Tenant Network. You can also submit a request and copy of the authorization form directly to one of the credit reporting bureaus -- Experian, TransUnion or Equifax -- to get a copy of the tenant's credit history. The cost could range from $9.95 to $29.95, depending on extras you order (such as a credit score) and whether you use a third-party company to pull the report. A credit check takes anywhere from a few hours to a day or two depending on the agency you use.
Benefits
A credit check help shows what kind of a tenant someone might be. While he may talk a good game, once you see on paper that he has a history of evictions or a mountain of unpaid debt, you have a pretty good idea that this may not be a reliable tenant. You can also gauge his debt-to-income ratio to tell you whether or not he can afford to rent your property.
Drawbacks
Some renters don't want the hassle of a credit check when they attempt to lease a home, so your process may turn off potential lessees. Moreover, potential renters may not want to pay for a credit check they don't want to do, so you may lose more potential tenants here as well. Running a credit check also adds another step to the renting process.
Considerations
The credit check -- while important -- isn't everything. After all, a potential tenant may just be coming out of a rough financial period. Bad credit means she's had problems, but it doesn't mean she will definitely be a problem for you. Consider other aspects, such as how long she's had her current job, what past landlord references have to say and how often she's moved in the past. If you are still uncomfortable, ask for a larger deposit to cover you in the event that she skips out without paying.
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