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A Street Urchin's no cash, no credit, Business Plan
The true story of a Street Urchin who made a fortune from nothing. (c) Harry S Richards As kids in a poor part of town, we collected all kinds of junk to sift through and hopefully resell. Sometimes we were lucky, but mostly we were told to "get...
Bad debt personal loans: to escape the financial whirlpool called bad credit.
So, you were caught in unaware with bad debt. It happens. No, no, you haven't caught the bad debt disorder yet. There are bright chances that you won't need any 'specific' action to deal with bad debt. Bad debt personal loans will take care of that....
Home Equity Loan or Home Equity Line of Credit – Which is right for you?
The most common type of home equity loan is the term loan. This loan is set for a fixed amount of time, anywhere from five to fifteen years. Such loans are typically granted for up to 80% of the value of the home, but some lenders will lend up to...
Mortgage and credit card companies under the spotlight on consumer charging
For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation. According to Nationwide, "The overall picture remains one of a gently softening market". The signs indicate that the housing...
Thoughts On Securing A Bad Credit Mortgage
Over spending, the endless nights of partying, eating out and more or less buying everything on a whim, has most likely put a dent in your financial situation and will affect how you live your life for years to come. Clearly, the best option is to...
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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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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
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| The FTC's web site on Credit |
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| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
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| Springboard - Non-Profit Consumer Credit Management |
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| www.credit.org |
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| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
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| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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, ... |
| credit.about.com |
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