A credit score is a three-digit number based on one’s credit behaviour. It states how likely the person is to pay back the money or debt on time. It is advised that you check your tenant’s credit score before renting out your property. To do it, you must know how to check tenant credit and background. Read this answer and learn the process.
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How to run a credit check on a potential tenant?
In order to run a credit check on a tenant you have to contact a company that can do the task for you. Three national credit reporting agencies do this work and they are- Equifax, Experian, CRIF Highmark and TransUnion CIBIL. They will require some details about the tenant from you like-
The tenant’s name and identity proof
Date of birth of the tenant
Residential address of the tenant
his/her social security number
The present landlord of the tenant
The present employer of the tenant
The landlord also will need to provide some information about himself/herself like
Address proof
Identification proof
Document/documents verifying the ownership of the property
If you want to know how to do background check on tenant, you will have to provide these details to the agency and they will make the report and send it to you. The cost of the report however varies from one agency to another and here is the price list
Equifax- Rs 400 (excluding GST) for Credit Report + Score
Experian- Rs.399 for Credit Report + Credit Score)
CRIF Highmark- Rs.399 (including GST) Credit Report + Credit Score
TransUnion CIBIL- Rs.550 for Credit Report + Score.
I hope this answers how to credit check a tenant and the cost associated with it.
Is tenant verification important?Tenant verification is definitely important as it can help you know
Whether the tenant has any criminal record or not
He/she has ever been evicted due to failure of bill payments or not
The tenant is financially stable or not
I hope this answers how to check tenant credit and background.
Read More:How to Fill Tenant Verification Form Online?
How Long Does A tenant background Check Take?
How to Check tenant credit Score?
How to know credit score?
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How to Check Tenant Credit and Background?
Baishali
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2 Year
2023-03-17T10:22:39+00:00 2023-03-17T10:48:37+00:00Comment
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