Detecting high-risk, undesirable or fraudulent tenants before you let your property to them is obviously an important aspect of being a landlord. In the current financial climate it is critical a landlord’s lets their property to a good tenant because of this it even more important to have the tenant’s rental history before handing over the keys.

There are things you can do to ensure that you have the best possible tenants. Having a clear understanding of a tenants credit history can allow a landlord to make an informed decision regarding their suitability for them but more than that, can allow you to have all the information you need should something go wrong, these are called Tenant check, tenant credit check or tenant background checks and are available from various companies.

If a tenant does leave owing money or with items from the property you will presumably turn to their file and the information that is stored here could lead to finding them quickly and discreetly. Finding tenants who have disappeared can be straight forward as long as you have the information you need. The easiest time to obtain this information is when the person requires something from you i.e. the rent of a flat/room/house; at this stage the cards are stacked in your favour. You must use this time to obtain the information that hopefully you will never need. The most important pieces of information are

• Previous addresses
• Credit Score
• Parents address (if future tenant is relatively young)
• Date of birth
• Employment details name of company but also all details of company

This information will help with trying to locate someone if they should leave owing rent. How you get this information is to simply ask for it, on top of this you should also be asking for

• Bank Statements
• References
• Permission to search their credit file
• Bankruptcy & insolvency information

Once you have these things you should be looking to buy a report that confirms and clarifies the information. There are companies who will access this information for you giving a full report; these reports are usually called Tenant Credit Check.

The report may cost 30 and hopefully will be put away and never be used but should the situation arise where it is needed it will pay for itself many times over. If it does arise then you may need to order a tenant trace.

It is important that you get the first steps right so should you need to trace a tenant through the tenant check you can.

Most tenants are honest and simply want a place to call home; they will pay their rent and not cause any problems for you. There are a few who do not play by the rules and this is your way of saying that you will not stand for it. If you have this information obtaining county court judgements and attachment of earnings is much easier. If you want any chance of getting your money back you need to know where to find the tenant before these measures can be put in place a Tenant Check will help you do just that.

Also known as the Fair Isaac Corporation Score, FICO is a financial history with a rating between 300 and 850. In calculating the credit score, a number of factors are put into consideration and they include the length of the credit history, late payments of bill, amount of debt and the current credit limits. The main reason for frequently checking our credit report is to check out for errors since any form of outdated, fraudulent, duplicate or wrong entries can negatively affect the FICO score rating.

Both The Fair Credit Reporting Act and the Accurate Credit Transactions Act statethat it is the right of the consumer to request a copy of their FICO credit report once a year. It is therefore important that you request your FICO credit report in order to discover the various things you can do to  improve the score by reading all the details. Fortunately, you can easily and quickly achieve this by use of the various free credit report websites. These websites offer other serives such as credit monitoring, identity theft protection but you need not require them to get your FICO credit score.

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Answer by Frank Castle
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Home Page > Finance > Real Estate > What’s the difference between an online credit check and using an agency?

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What’s the difference between an online credit check and using an agency?

By: Amy Choi
Posted: Apr 22, 2010

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When you are deciding which route to go down, online referencing or using an agency you may want to ask yourself a few questions and really think about the two processes involved in each.

Online tenant screening involves credit checking and screening tenants with references before you accept them into your property.  Online services mean you can do this yourself, at work, in your own home as long as you have an internet connection.  Tenant screening through an agency will bring the same information but you will be employing a middleman to do the work for you.  So which one is better??

Lots of people say they use agencies as they don’t have to worry about it – but often you will have to wait a couple of days before you have your results.  As you are using the services of a person, who has to be paid then costs are higher in obtaining the reference and credit check.  The person who does the checks hasn’t met the tenant like you have, but will give a pass or fail to them based on paper.

Online tenant screening is an ideal way to put yourself in control of the screening process- so you can see all results and decide yourself if they are right for your property.  The misconception is that tenant checking is time consuming, but with online systems they are as quick as ever.  You can gather a credit check for your tenant in a few minutes and see all details of their financial history and there past addresses for three years.  Just pop in the information and click to run a check. You can do this on the move, and store all result in the system so they are easily accessible whenever you need them.

Online tenant screening is faster and more convenient that using an agency to do exactly what you can do yourself.

Source: http://www.articlesbase.com/real-estate-articles/what039s-the-difference-between-an-online-credit-check-and-using-an-agency-2206907.html

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Article Tags:
tenant screening, screening tenants, screen tenants, landlord, letting agents, property, tenant

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located within the United States and its territories.

Why am I getting this instead?

Best answer:

Answer by jpocia03
I would look at annualcreditreport.com. From there you will have access from Experian, Transunion and Equifax. These credit bureaus are FICO based.

You should have access to that via internet from the Phillipines.

Let me know if you have any other questions.

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The first way to check credit rating score is to get rid of any old or mistaken entries that appear on your report. To do this you must to get a copy of your credit report, which you can get for free each year from annualcreditreport.com.

For a clean start and a higher credit score, you can enhance your credit score easily, watch these 5 Free Videos  on credit repair.

Once you receive your free credit report, you want to go over it searching for any discrepancies. These could include old inquiries, overdue payments that have been paid and are old so can be removed, or even information that is on your report that doesn’t belong to you.

With identity theft on the way up, this is something you want to check on a frequent basis – that each item on the report belongs to you. Also data input mistakes can appear too, so it’s a good practice to get your credit report and look it over at least on an once a year basis.

If you see any discrepancies on the report then you have the right to dispute them with the credit office you got the report from. Getting these items deleted will increase credit score. You want to write a letter to them detailing any mistakes and giving a short explanation as to why they are incorrect.

If you possess copies of any documents or receipts that will help you authenticate your disputes, send those along with your letter. This can assist the credit reporting agency deal with the problem promptly instead of it dragging on for longer than necessary because they are waiting on the individual company to get back to them with documentation.

You should to send your letter by registered mail so you can be sure they take delivery of it, and then allow them a little time for the bureau to look into the disputed items and get back to you. The credit bureaus have 30 days to validate the facts of each item and if they can’t be verified as current and accurate, after that they will be removed off your report.

Getting those inaccurate and out of date bits and pieces removed will improve credit score and will be reflected on your report in a short period of time.

The types of credit which you presently have can have a influence on your credit score. The credit bureaus and lenders like to be able to notice that you can control your finances in all places. It can be good for your FICO score to have several loans, a mortgage and credit cards which you pay off consistently. The main point here is that you do pay them off regularly.

For a clean start and a higher credit score, you can enhance your credit score easily, watch these 5 Free Videos  , that will give you advice on how to repair your credit quickly and legally by yourself, it will save you a lot of money

Debt collection can be costly and time consuming, so by selecting the customers you deal with based on their ability to pay you can reduce your exposure and help ease your cashflow in these touch economic times. It is also important to get regular credit checks on your largest clients, time can change a companies circumstances quickly, especially in todays fradgile economy, by ordering regular checks you can keep on top of customers that get into difficulty before it filters through to your invoices.

The ratings give you an indication of the credit worthiness of a business based on a number of factors, and some complex number crunching behind the scenes. They are a guide you can use when looking at a company report and trying to agree a recommended limit with your client. Company ratings are based on the last available information files at Companies House, they are not like consumer credit reports where financial institutions report your information back on a monthly basis, so most ratings are unable to take into account missed payments etc.

The information from the company accounts, historical accounting information and any county court judgements help a rating be established. With company reports you can also see the full details of any directors in the business, and any other companies they are involved in, which can be useful when looking a new startups or if a company changes its name.

Overall the credit rating takes into account many different elements, mainly taken from the accounts the company files, and should be used as a guide to come to your own conclusions about your client. A simple fast online check is all it takes to help provide peace of mind and get the information you need to make an informed decision on your client.

It can also be useful to check your own company credit rating, especialy if applying for new business finance or credit lines with suppliers, identifying your weak points means you can instantly start working to improve your company credit rating.

The higher your score in your credit report, you can buy the confidence of the financial institutions. You will be able to take your pick from a variety of financial institutions while applying for a loan. Your credit reports and your FICO score are the best tools available in the hands of the financial institutions to judge your reliability.

Calculating Your FICO Score

Calculating your FICO Score by means of a complicated mathematical formula is done taking into account your present and past financial dealings. There are a number of things that are taken into account; mainly your financial records are probed deeply. You income is assessed in terms of your expenditure, the debts that you have incurred are also considered. Whether you are involved in some sort of a loan with other financial institutions or have dues in car payments or have a host of credit cards that you used previously.

Your accountability factor in terms of repaying your loan is judged. If you are punctual and have maintained a desired level of consistency in paying back your loans, then you are likely to have a higher FICO score, otherwise not.  Calculation of your percentage score is done on the basis of the financial activities that you have been involved in, both in the past and the present.

However, it is imperative that you go through a copy of your credit report online frequently, so that you can check for any sort of frauds, errors or wrong information. You need to keep a tab on the credit report as any wrong information or errors will invariably harm your reputation and affect your credit score. With time, the whole system is becoming advanced and more transparent and you can readily get the required information, free copy of your FICO score via the internet.

The Average FICO Score in the USA

The average FICO Score varies but the range is 300 to 850. Now Americans who boast of good credit score have 850 in their kitty, having the highest score. For that matter a credit score above 700 is considered good enough for the moneylenders to trust you. Your credit history should be good enough if you want money or big loans from the money lenders. The unfortunate ones who get the tag of having a poor credit usually have 300 credit score.