How to run a credit check?

regis22mx

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Hi there,

I am trying to figure out how to run a credit check? Once I have the application form from my prospect tenant, what do I do next? I have been trying to run the check, but it is not possible due to privacy laws.

Am I missing some information? or is there a specific place for landlords to run credit checks?

Thanks for your help!

Regis
 

invst4profit

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#2
You have to use a company on line. Try checkfirstonline.com.

I believe membership is now up to $85 (one time fee) first search is free.
Each additional search is $23-$24.

They are fast and efficient.
 

seanverret

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rentcheckcorp is cheaper and you get a REIN discount. As a REIN member I believe there is no sign up fee. You get reports from transunion and equifax.
 

regis22mx

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QUOTE (seanverret @ Mar 16 2009, 01:43 PM) rentcheckcorp is cheaper and you get a REIN discount. As a REIN member I believe there is no sign up fee. You get reports from transunion and equifax.


Thanks!

Are these companies able to help with credit check for tenants in Edmonotn, AB?
 

seanverret

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QUOTE (regis22mx @ Mar 16 2009, 03:09 PM) Are these companies able to help with credit check for tenants in Edmonotn, AB?

Yes - they can do a credit check on anyone you can get enough information for...

It costs around $20-25 per check, though if you do multiple checks at the same time, you pay much less.... Do a search on myresinspace for rentcheckcorp, there are a lot of different postings...

I`ve used them for every tenant I`ve ever put into one of my places... You do everything online and have the information you need immediately.
 

invst4profit

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It is not advisable to ask the tenant to provide a report. It is very simple for a professional tenant to fake a report.

Have your applicant provide social security # for every person planing to reside in the unit, get photo copies of all drivers licenses, income, employer, references, and make sure you can confirm present and previous landlords. Just the usual info but pull the credit check yourself.
 

LarryTeeple

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QUOTE (invst4profit @ Mar 17 2009, 08:35 AM) It is not advisable to ask the tenant to provide a report. It is very simple for a professional tenant to fake a report.

Have your applicant provide social security # for every person planing to reside in the unit, get photo copies of all drivers licenses, income, employer, references, and make sure you can confirm present and previous landlords. Just the usual info but pull the credit check yourself.

I use Tenant Verification Services http://www.tenantverification.com

They don`t charge a sign-up fee and they give a REIN discount also. I think I paid less than $20 per simple credit check. Make sure each adult in the unit signs your application form that authorizes you to perform a credit check. You will need either a drivers license number or SIN plus previous address. More information is better to make sure you have the right person. If my radar goes off for any reason I will also ask for photo ID to make sure they are who they claim to be.

They have a great website with tons of great information. I am from Ontario, but I`m sure they are Canada wide.

Larry Teeple
 

invst4profit

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You should always ask to see there drivers licence during the first meeting as they will likely not be prepared to provide a fake. The photo ID on the licence confirms who they are. I get a photo copy for good measure.
If they say they do not have a drivers licence then you must insist on photo ID as they are likely.... lying.
 

AndyLuchies

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#11
QUOTE (invst4profit @ Mar 17 2009, 08:35 AM) It is not advisable to ask the tenant to provide a report. It is very simple for a professional tenant to fake a report.
Have your applicant provide social security
# for every person planing to reside in the unit, get photo copies of all drivers licenses, income, employer, references, and make sure you can confirm present and previous landlords. Just the usual info but pull the credit check yourself.

lol, you mean SIN ?
 

AlanHunt

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QUOTE (LarryTeeple @ Mar 17 2009, 06:57 AM) I use Tenant Verification Services http://www.tenantverification.com

They don`t charge a sign-up fee and they give a REIN discount also. I think I paid less than $20 per simple credit check. Make sure each adult in the unit signs your application form that authorizes you to perform a credit check. You will need either a drivers license number or SIN plus previous address. More information is better to make sure you have the right person. If my radar goes off for any reason I will also ask for photo ID to make sure they are who they claim to be.

They have a great website with tons of great information. I am from Ontario, but I`m sure they are Canada wide.

Larry Teeple
I have used both Rent check corp and TVS. TVS is a couple bucks cheaper and you can have them do a criminal check too.
 

Torey

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#14
This might be old knowledge, but just to let everyone know, if you want a credit report from Equifax, as per their policy they now require an on site physical inspection of your office (home or commercial) to ensure the safety of the data they provide you.

On another note, a TVS representative says to simply put `REIN` in the `where did you hear about us` box to get the discount, I haven`t tried this yet but it`s a pretty straight forward answer on how to get the discount.
 

Mike Milovick

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Mar 15, 2008
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#15
QUOTE (regis22mx @ Mar 16 2009, 03:35 PM) Hi there,

I am trying to figure out how to run a credit check? Once I have the application form from my prospect tenant, what do I do next? I have been trying to run the check, but it is not possible due to privacy laws.

Am I missing some information? or is there a specific place for landlords to run credit checks?

Thanks for your help!

Regis

This might sound a little elementary, but before running a credit check, I would make sure the application form you use actually gives you explicit permission to do a credit check. In Ontario, Waterloo Region Apartment Manager`s Association (www.WRAMA.com) as well as the London Property Manager`s Assocation have applications/leases that reflect this - as well as Privacy of Information requirements.

Mike
 

invst4profit

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To best protect yourself the application form should give you authorisation to do credit checks before, during and after tenancy.
Having the authorization to do credit checks after a tenant has left is useful in tracking down delinquent tenants.
 

AndyLuchies

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#18
QUOTE (princecharles @ Jan 8 2010, 08:53 AM) do you guys go for the transunion or equifax report? which is better for screening purposes? or get both?


I`m not sure about screening, but transunion really stank for carrying up to date info. Mine was woefully inaccurate (when applying for financing), so I switched to equifax which i found to be much better on all accounts. So perhaps equifax is simply able to gather more current info... I will never spend another cent on a transunion credit profile.
 

gwasser

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#19
This is a truly amazing posting stream - giving you the most concise way(s) to check out your potential tenants. Absolutely great guys!