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Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as Possible
If you have a poor or bad credit history with something in your past like a bankruptcy or a foreclosure, you know how difficult it can be when you try to get financing for a home mortgage purchase, refinance, home equity or second mortgage loan. Its...
Bad Credit Personal Loan and Bad Credit Loans
Bad credit personal loans are widely available these days. These are personal loans marketed to individuals with a poor credit score or poor credit history. A bad credit personal loan can be obtained through a lender who specializes in bad credit...
How To Get A Credit Card No Matter How Bad Your Credit Rating
Your credit is bad. Perhaps you have a string of unpaid bills haunting your past. Maybe you declared bankruptcy within the past 10 years, or defaulted on a student loan.
All of the above can block your access to obtaining a major credit card, such...
Making Sense Of The Information In Your Credit Report
If you've ever applied for a credit card or loan, you’ve probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it’s well worth your time to be sure that you understand what your...
Use Your Credit Cards Responsibly
With Americans going deeper into debt every day, usually thanks to uncontrolled use of credit cards, you may wonder if there is any good way to use a credit card. If so, how can you control your credit card debt, as opposed to letting it control...
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Screening Out Prospective Tenants Based on Credit Checks?
Increasingly, landlords throughout North America are screening
prospective tenants in order to reduce the risks involved when
renting to unknown individuals. Risks which can easily become
quite costly to an unsuspecting landlord.
It's easy to prove the increasing popularity of tenant
screening. See for yourself! Simply "Google" the following two
words, tenant screening. Within seconds you will be flooded with
a variety of small and large companies offering the service, and
links to information on tenant screening. Go ahead! The last
time I tried the results numbered 4,110,000.
The high number of results demonstrate that there is a rising
awareness, amongst landlords, about the value of taking the
necessary steps to protecting your property. The demand is
growing and so is the supply.
However, although tenant screening is an important and effective
tool for any landlord, there is an overwhelming trend, on the
part of landlords and the service providers, to use the results
of a credit check as the main reason for screening out
prospective tenants. In my opinion, this is a mistake.
Of course, credit checks do provide valuable data on
individuals. These reports inform us of the prospective tenant's
credit history, both good and bad. But what else does an
automated list of vague descriptions, and codes tell us about a
potential tenant?
I dare say the answer is, not much.
Keeping aside the fact that credit reports are one-sided, and
often contain errors. Credit checks can not provide any true
insight on a potential tenant. For example, the credit check may
lead you to think the tenant is a bad prospect, but it doesn't
take into account the possibility that she went through a
difficult period a few years back, but has long been "back on
track".
A
landlord can easily pass up a "perfect tenant", in his
thirties, simply because he had trouble making payments while
going through school, in his twenties. Base your decision on a
credit report, and you lose a potentially ideal tenants.
What about a favorable credit report?
In my opinion, it would be a mistake for any landlord or
property manager to place too much worth on a perfect credit
score.
As a bad credit report can be misleading, so can a good credit
report. For example, the report will not tell us that this
particular individual has a reputation of constantly arguing
with neighbors, and causing an all-around uncomfortable
atmosphere for the landlord's other tenants.
As well, a credit report will not describe how the prospective
tenant, with the perfect credit check, sitting in front of you,
stuck the former landlord with an $800.00 hydro bill... Unpaid
utilities often do not appear on a credit report.
Base your decision on a credit report, and you take the chance
of entering into a rental agreement with a disaster.
As a landlord, it is in your best interest to exercise due
diligence when considering a prospective tenant, and that means
tenant screening. However, in order to truly ensure a potential
tenant is the right one for you, contacting current and past
landlords, employers and references is the best method.
First hand information is, and will always be better, and more
revealing than any automated report.
About the author:
David Melancon owns and operates IntelMatters a research
company specializing in tenant and pre-employment screening,
throughout North America.
www.intelmatters.com
Knowledge is the key to success!
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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