Credit check

[AminMurji]

Do you advise having a credit check done on potential tenants. If so, any recomendation on a company that does credit checks. What information do you need to collect from the tenant. How much does it cost and what is the turnaround time? Thanks

 

[dplummer]

Don't know what province your in. I'm in Ontario & a member of the Ontario Landlord Assoc. As such you can get a discount from TVS (Tenant Verification Service) I believe the last time I used them it was $13-$15.00 per credit check. You need your perspective tenant to fill out the application that gives you permission for TVS to check.



Doug

 

[REINteam]

Your due diligence on a potential client, living in your 100 plus thousand dollar asset, should go beyond a simple credit check...especially if you don't know how to read a credit report (most people don't).



Some REIN` members go through TVS or Rent Check Corp, both of which members get discounts for, we also have a discount through Credit Info Canada which isn't a re-seller of credit info, but instead a full service tenant screening company.



I recommend you do a full credit check and make sure you understand what it tells you, get references, talk to current employer, talk to past 2 landlords and make sure you have all the information you need to act appropriately if things go sideways.

 

[shannonmercer]

Ray, I'm trying to find the link to TVS, but it seems to be only American, not Canadian. Do you have any advice? As well, how do we go about getting the REIN discount? We're currently recovering from a tenant nightmare, and need all the help we can get!

Thanks.

 

[Alvaro Sanchez]

In Quebec, I am a member of APQ and they offer tenant verification services. Besides having access for tenant verification and I also get discounts on insurance and services.



APQ checks for:

- tenant's landlord

- employer references

- authenticity of the current landlord,

- bank and credit verification,

- civil, criminal

- and Rental Board court record searches.

 

[2ndstory]

I do a credit check. The fact remains though, you are going to be hard pressed to find renters with no credit issues. Often this is the reason that they are renting. You can subscribe to Equifax but it's not free. Use the credit check as a filter, but I wouldn't use it as the only filter. If there are collection notices for utilities or cable or something like that, it could be a red flag. You don't want to be holding the bag for expenses after they move out.



Nik

 

[invst4profit]

amurji 1 do you know how to properly screen tenants. It sounds like you have never done it before.



What province are you in. If Ontario you can go to http://ontariolandlords.ca/forum/ and get all the screening info you need or search on this forum.



Better start reading as there is plenty to learn.

 

[creditinfocanada]

Well first off Im going to apologize ahead of time as my spell-check does not seem to be working.



I believe that the gentleman that posted this querie is in Alberta.



To all those that search or are for looking for information about credit checks I just wanted to answer some questions for you and I appreciate the props from Ray on this.



Credit Info Canada is a credit re-seller however we are not a typical re-seller of credit. So there is no misconception, a re-seller of credit typically provides you a paper report on your potentianl rentor whether they are running through Equifax of TransUnion. So for the beginners that are just getting into this market it simply means you are left with a product that YOU have to desipher and than make your decisions. Now some people have a grasp on what a credit report states and other need help.



CIC helps all of our members break down the credit reports that are conducted and we try to match the tenant to the property, this is done with a debt ratio, looking at derogatories etc. So, we are a credit re-seller, however we work with each and everyone of our members to make sure that the tenant is safe when it comes time to endorse the lease.



To answer the other point that was posted above, YOU CANNOT become a member of Equifax or TransUnion if your running minimal checks. The minimum the last I was advised that you had to possess at least 15 doors and up to become a member of the credit bureau and it is extremely expensive. So if you have 4 houses, you have to take a membership out with a re-seller to obtain your products.



You are more than welcome to look around for the best possible deals, however in our boat we basically become the second pair of eyes that are non bias on every application.



TVS and RentChek do not provide this service and we are a federal company that is here to help all those members that require help.



I hope this answers your questions and I agree with Ray, NEVER put someone into your property without doing the necessary checks on them.





Chris Bradnam

Managing Director

Credit Info Canada

(780) 486-1183

[email protected]

 

[Kjeck]

Finding a great tenant is about having a great screening process. Yes, you should run credit reports on all applicants. A credit check will show you details about the tenant’s previous credit history, going back 7 to 10 years. But, there is not the only tool of tenant screening. You should also perform a background check on each prospective tenant. There are dozens of background-checking services available online, some specifically for landlord. Then verify each prospective tenant’s income and employment. Contact each tenant’s personal references. And don’t forget to interview prospective tenant. Here https://rentberry.com/blog/potential-tenant-interview you can find the list of questions that you can ask your applicants.

 

[Sherilynn]

Here's the Canadian TVS login page: https://www.tenantverification.com/login.html

We also do judgment searches at the Provincial Courthouse. Only $10 per search, and it shows all judgments in the province against the person. Handy if a person has been evicted but there is no monetary judgment to appear on a credit report. Plus it shows things like DUI and other unsavory behaviours.