RENT Magazine Q3 '21

#1 Lying on the Application about a Co-Tenant This deception can include giving favorable but false documentation. Another common technique is to be untruthful about who will be sharing your unit with the applicant. When co-occupants are named, you must run a background check on each of them, even a spouse. This step will expose any criminal or negative credit history that may affect your ability to collect their rent. Once the tenants are residing in your property, confirm that the people living there matches the identity and number of people specified on the lease. Inform the co-applicants that having the wrong occupants is a breach of contract and can be justification for immediate termination of the lease.

#2 Supplying a Fraudulent Credit Report A credit report with a credit score is a vital indication of how a person handles

their financial obligations. It is imperative that you order the

applicant’s credit history yourself and not rely on a questionable copy of what they claim is their report. With today’s technology it is surprisingly easy to create a favorable credit report that will lead you to rent to someone who is not a reliable tenant. Ordering a potential tenant's credit report brings you instant peace of mind and the assurance that you are renting to a responsible tenant. But do not rely on the credit score alone. Learn how to read the report and how to interpret those red and green boxes. Note the credit limits and current account balances to get the full picture of the tenant’s patterns.

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