How to Check Tenant Credit and Background?

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.

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.

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.