How To Pull An Online Tenant Credit Report For Landlords

There are several steps to pull a tenant’s credit report. It is always an excellent idea to screen your tenants by reviewing their business credit history, score, and report. Of course, previous financial behavior is a reliable signal of the renter’s responsibility, commitment, and obligations. As a landlord, generating online credit reports helps you decide if prospective tenants are qualified to rent your property. This way, you can effectively minimize risk and avoid future headaches. Read on to learn how to pull a tenant credit report for landlords.

Choose Suitable Report Type

Next, you must choose a suitable type of report to screen your tenants online. Decisioning reports are one of the most popular, widely-used options. Typically, these types of reports include criteria such as credit scores, public record filings, and fraudulent histories. Some advanced online reports provide you with all the information required to immediately approve, deny, or further refer tenants. In fact, you may be able to access credit inquiries, database searches, and payment histories. Certainly, choosing a suitable type of report is a required step to pull your tenant’s online credit report.

Obtain Tenant Rental Application

Once you have chosen the proper report format, obtain the tenant’s rental application. Before sending an application, verify that prospective renters are 18 or older. Next, collect the tenant’s social security number, date of birth, and previous address. Also, you should include your personal contact information from the last two years directly on your application. Then, include a statement to inform a credit check will be run on the tenant. Do not forget to provide a signature line to authorize the tenants signature. Definitely, obtaining the rental application is a critical step to pull a tenant credit report online.

Provide Ownership Verification

After the tenant’s rental application is obtained, provide ownership verification. To prove residency, provide tenants with a mortgage statement or recent energy bill. Next, offer them a form of identification for your tenants. For example, you can provide a driver’s license, passport, or international business travel visa. If your property is a rental, hand out a copy of your latest mortgage statement or a bank statement. Indeed, proof of ownership is a necessary step to pull a tenant’s online credit report.

Outline Tenant Screening Report Fees

Now, you are ready to outline tenant screening report fees. Remember, it is legal to charge your tenants for the service of running credit report. Of course, this tedious process can be expensive and time-intensive. To establish a professional relationship with prospective tenants, establish a reasonable, affordable price for your fees. Most credit checks cost anywhere from $35 to $60. Of course, some states enforce maximum screening fees and require landlords to provide a receipt. Therefore, you must understand the cost, rules, and purpose of credit check fees. Absolutely, outlining screening report fees is a significant step to pull a tenant’s online credit report.

Analyze Report Results

Next, analyze the results of your tenant screening credit report. Ask the tenant about any red flags you uncovered when investigating your report. Sometimes credit reports contain mistakes that tenants might not be aware of. Keep in mind, good people often run into hard times financially. Therefore, you should not make a judgement from a single red flag or negative factor. Of course, it is always a good idea to give tenants an opportunity to explain their situation. Surely, analyze your report’s results thoroughly to pull a tenant’s online credit history.

There are several steps landlords can take to pull their tenant’s online credit report. First off, choose a suitable report type to get the tenant’s information such as credit scores, public record filings, and fraudulent histories. Next, obtain the tenant’s rental application to receive their information such as their date of birth, social security, and previous addresses. Thirdly, provide ownership verification to prove to the tenants you are the legal and rightful owner of the property. Then, you can outline the tenant’s screening report fees to recover lost time or money in the process. Furthermore, analyze the results of your tenant to gain insight on their financial past. Surely, these steps show you how to pull an online tenant credit report for landlords.