When determining an applicant’s capacity and desire to pay their rent on time, a credit score may be one of the most crucial factors to consider. A high credit score implies a favorable financial history of timely payments, and a renter with strong credit is more likely to pay their rent on time. If you’re thinking about renting to someone with bad credit, there are a few things you may look into to assist you make your decision. If you are an indivdiual landlord, it may be hard for you to do a complete background check on the tenant. We at PREI are equipped with the right software and clearance to pull background check to look at an applicant’s credit score, criminal history, rental history, eviction history and much more.
Evicted residents had roughly three times as many past evictions and rental-related collection records than non-evicted tenants, according to TransUnion statistics. If that isn’t enough to persuade you, consider the fact that evictions cost an average of $3,500 per unit and can take up to four weeks to complete.
A criminal history check on a renter might help you answer concerns and prevent placing your property or area in jeopardy. If you skip a background check and end up with a renter you have to evict later, it might be a costly error. When evaluating criminal histories, it’s crucial to treat each candidate as an individual and determine whether or not a past conviction is relevant.
