Public Records If the person has filed for bankruptcy during the last ten years, that information will be included in this section. In the past, judgments and tax liens were also included on credit reports, but in recent years, the number of public records added to credit reports was reduced to just bankruptcies. AAOA member can add a tax liens and judgments report to any tenant screening package. Tradelines Tradelines are companies that the applicant has a monthly obligation to pay. This could include an automobile loan, a mortgage, credit cards, student loan, etc. Each creditor will be listed along with the following information: • Account number and date it was opened. • The credit limit, high credit used and the recent balance. • The monthly payment and any instances of late payment.
• The industry and loan type.
Also included is a month-by-month record of the applicant’s credit use for that account and any late payments. Please note that “UKN” stands for “unknown” and is a neutral notation. In other words, the creditor may not have reported that month or the applicant may not have owed anything at the time. Inquiries The final section of the credit report addresses “hard” inquiries made by banks or other lenders. You will learn which companies have accessed the applicant’s report to view their credit worthiness. The information includes the date and type of business that your prospective tenant has approached for a loan, credit card, etc. It should be noted that “soft” inquiries will not be listed on your copy of the credit report. They are only available to the applicant if they purchase a copy of their report from AAOA.
P A G E 3 1
Powered by FlippingBook