landlord- question about credit check

landlord- question about credit check

"KOS"	3/6/2005 10:21:32 PM
Hello. I am a landlord of a large apartment building. My question- to learn about the credit worthiness of potential tenants, what is the best way to do a check on what their credit history is like? If one runs a credit check, is theparty notified that a check has been done? What are the best companies to use for this? Thank you



"John A. Weeks III"	3/9/2005 10:24:02 PM
In article <12in219dkcgsbnebg0d95ol65i5kl1cnel@4ax.com>, "KOS" <computerstuff2@excite.com> wrote: Hello. I am a landlord of a large apartment building. My question- to learn about the credit worthiness of potential tenants, what is the best way to do a check on what their credit history is like? If one runs a credit check, is theparty notified that a check has been done? What are the best companies to use for this? You have to get permission from the parties before running a credit check. Once you do that check, a notice will go in their credit file. There is no other notification, but some people do have 3rd party services that watch for changes in credit files and notify them on changes. That is pretty rare. There are services for landlords that check credit, applications, and references of tennants. They are actually pretty cheap. You might want to use a service, at least to get started. They know the laws and can help you get started in such a manner that you don't get in trouble. -john- -- ====================================================================== John A. Weeks III 952-432-2708 john@johnweeks.com Newave Communications http://www.johnweeks.com ======================================================================



"Mark A"	3/9/2005 10:23:39 PM
"KOS" <computerstuff2@excite.com> wrote in message news:12in219dkcgsbnebg0d95ol65i5kl1cnel@4ax.com... Hello. I am a landlord of a large apartment building. My question- to learn about the credit worthiness of potential tenants, what is the best way to do a check on what their credit history is like? If one runs a credit check, is theparty notified that a check has been done? What are the best companies to use for this? Thank you The party is not directly notified, but it is reported on their credit history that you made an inquiry, and they do have access to their own credit report (in some states access is free once per year, and other states there is service charge allowed of about $10, or free if credit has been denied). But in order for you to obtain the credit rating, you will have to get the party to sign an agreement in advance which allows you to check their credit. You will also have to obtain certain information from them such as social security number. There will be a fee for this, but most apartments charge an application fee to cover the cost of the credit check. One of the credit agency firms is Equifax. I have a really hard time believing that a landlord of a large apartment building doesn't already know about this, or doesn't know someone else in the rental business that they could ask.

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