The best way to arm yourself with the facts is to do a comprehensive tenant screening that includes more than just a credit report, credit score, an eviction report, and a criminal search. The next time you have a vacancy to fill, be sure to order the following screening tools in order to get a complete picture of your applicant:
✓ Credit Report ✓ Credit Score ✓ Previous Address Tenant History ✓ TeleCheck Verification ✓ Eviction (State Specific) Report ✓ Criminal (Nationwide, State or County) Search
✓ Sex Offender Check ✓ Terrorist Search
✓ Social Security Number Fraud Check ✓ Nationwide Bankruptcies, Tax Liens, and Civil Judgments ✓ Federal Search
WHAT IS UNDERWRITING? Since a credit report cannot be released to a landlord without the legal permission of the applicant, there is a delay between placing the order and when it is made available for viewing. The length of time is dependent upon how long it takes the applicant to answer their security questions. But for those who prefer an opportunity to view the report without a delay, underwriting is the solution. Underwriting allows the landlord to access a credit history on demand without waiting for the applicant to release their report to you. Once the initial underwriting process is completed (approximately three to five business days), the landlord no longer needs to wait for the tenant’s permission and has instant access to credit reports and scores. This process is optional and available to all landlords, property managers, and real estate brokers, especially those who own or manage 10 or more rental units. WHAT DOES TELECHECK VERIFICATION VERIFY? The TeleCheck databases provide landlords and property managers with continually updated information. This data includes automated inquiries using the consumer’s identification (Driver’s License or State ID), real-time bad check activity, and checking account information. A check acceptance company, TeleCheck helps more than 374,000 merchant locations decide whether to accept checks by analyzing information about check transactions that previously have been sent through its system. SEX OFFENDER SEARCH A national sex offender database instantly checks all 50 states, saving you time and giving you the assurance that your tenants will be safe. Results may show an offender’s name, date of birth, physical description, address, crime, and crime location.
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