Credit Checks for Potential Tenants

[fmonaco]

Hi,

I have always done credit checks for all possible tenants however I had always done it through my mortgage broker. I have a completed Rental Application (downloaded from the Ontario Real Estate Association) from a possible tenant but my broker is no longer in the business so I would like to explore other options. Can anyone suggest a firm, a website or a very reliable broker in the Greater Toronto Area that could run this check for me in the next two days or so? I know for personal credit checks, it costs about $25 to get it through Equifax or TransUnion, so I am assuming we`d be looking at the same type of costs.

Any help or guidance would be appreciated.

 

[RebeccaBryan]

If you were in Alberta, I would suggest Credit Info. Canada, but since you`re not, you can register with rentcheckcorp.com and check it online for under 8 dollars.

 

[MikeMcC874]

I used TVS. http://www.tenantverification.com/

Pretty easy to get going.

Mike

 

[creditinfocanada]

Just to add some information here, as much as I thank Rebecca for the response, might want to add a few things here. Credit Info Canada is a federally licensed company with the credit bureau, so we handle reports from B.C. to the Yukon.

As per running searches, it comes down to simple dynamics and what you are looking for. For the REIN members that deal with us, with our new licensing coming down the pike it will not create an avenue where we have accessibility to maintain a true database for everyone, noone right now boasts this.

If you need assitance by all means please feel free to contact my office.

 

[RebeccaBryan]

QUOTE (creditinfocanada @ Sep 21 2010, 12:41 PM) Just to add some information here, as much as I thank Rebecca for the response, might want to add a few things here. Credit Info Canada is a federally licensed company with the credit bureau, so we handle reports from B.C. to the Yukon.

As per running searches, it comes down to simple dynamics and what you are looking for. For the REIN members that deal with us, with our new licensing coming down the pike it will not create an avenue where we have accessibility to maintain a true database for everyone, noone right now boasts this.

If you need assitance by all means please feel free to contact my office.


Hey sorry Chris, I should have asked before I responded to that.

 

[PropertySolution]

Sounds to me like you do not do that many checks in a year. So I wouldn`t use a company that charges an annual fee. Anything you might save on the cost of an inquiry would be lost with that fee. Rather, if you only do a few a year I would suggest TVS ( http://www.tenantverification.com/ . ) They give you a choice of services you want on each check and there is no membership fee. Yes, they do cost a little more per check but again, if you only do a few a year it would be more cost effective in the long run.

Good Luck

 

[RebeccaBryan]

QUOTE (PropertySolution @ Sep 23 2010, 10:42 PM)
Sounds to me like you do not do that many checks in a year. So I wouldn't use a company that charges an annual fee. Anything you might save on the cost of an inquiry would be lost with that fee. Rather, if you only do a few a year I would suggest TVS ( http://www.tenantverification.com/ . ) They give you a choice of services you want on each check and there is no membership fee. Yes, they do cost a little more per check but again, if you only do a few a year it would be more cost effective in the long run.



Good Luck






Maybe read this thread, it might change your opinion.



http://myreinspace.com/rein_members_only/Members-Only_Discussion/81-18054-Tenant_Screening_and_Database.html

 

[housingrental]

I second Bernie`s post

 

[PropertySolution]

QUOTE (RebeccaBryan @ Sep 24 2010, 07:38 AM)
Maybe read this thread, it might change your opinion.



http://myreinspace.com/rein_members_only/Members-Only_Discussion/81-18054-Tenant_Screening_and_Database.html






As I cannot access this link I am not sure what information it is offering but I am assuming it would be an account of a bad experience with a CC company or such.



I do stick by what I said in my earlier post in part because nothing in this world is 100% perfect or secure. Everything has its risks each person has to weigh these risks against their needs.



But I do respect other peoples opinions and appreciate hearing their experiences. Each one as part of a whole can aid in avoiding a potential disaster.

 

[RebeccaBryan]

QUOTE (PropertySolution @ Sep 30 2010, 05:49 PM) As I cannot access this link I am not sure what information it is offering but I am assuming it would be an account of a bad experience with a CC company or such.
I do stick by what I said in my earlier post in part because nothing in this world is 100% perfect or secure. Everything has its risks each person has to weigh these risks against their needs.

But I do respect other peoples opinions and appreciate hearing their experiences. Each one as part of a whole can aid in avoiding a potential disaster.


No that`s not what the link discusses. In short it explains how we can help each other collect on rental arrears by doing searches with one company so that all tenants screened become part of a database, and how it is already working but will work on a larger scale if we all join. The larger the database, the more we can help each other. It`s not just about the price it costs to do a search. It`s about stamping out professional tenants so they can no longer take advantage of unsuspecting landlords and it`s time we joined together to do something about it. We`re all swimming blindly and now we have the opportunity set in front of us to have one set of eyes. The services offered here, and the enthusiasm behind it is one of a kind. I hope Chris makes a ton of money doing this too, because then the business will flourish and we will have it long term. That`s important for those of us who understand long term holds as we will be long term landlords and therefore need this help long term.

I stand behind Chris Bradnam at Credit Info Canada because I have now collected on three tenants and all I had to do is slap a few files in front of him, pay a bit of money, and wait for a cheque. I also left him alone, trusted his judgement, and let him do his job. There`s a few files I haven`t collected on either and probably never will, but that`s due to having insufficient information in order to get the job done.

If you want to aid in potential disaster, I suggest this is where you as an individual should become part of the "whole".

 

[CalvinPeters]

I also have been using http://www.tenantverification.com/ for over 4 years and am very happy with the results. In EVERY case I have looked at the "past has determined the future" and I can safely say "every single time I believed one of those incredibly emotional stories of woe (Grandma/Aunt?etc dying, getting cancer etc...) and going AGAINST what the report says, I have been burnt" but it bears saying again..."EVERYTIME!"

...Sometimes the story even kills off the SAME relative TWICE within months of each other...but I will save the humor for something less painful. (or expensive!)

Do the credit checks!

 

[RCrein]

www.tenantverification.com is a great service to us. make sure you get the REIN discount.

 

[PropertySolution]

QUOTE (RebeccaBryan @ Oct 1 2010, 02:43 AM) ...In short it explains how we can help each other collect on rental arrears by doing searches with one company so that all tenants screened become part of a database, and how it is already working but will work on a larger scale if we all join. The larger the database, the more we can help each other. It`s not just about the price it costs to do a search. It`s about stamping out professional tenants so they can no longer take advantage of unsuspecting landlords and it`s time we joined together to do something about it. We`re all swimming blindly and now we have the opportunity set in front of us to have one set of eyes. The services offered here, and the enthusiasm behind it is one of a kind. I hope Chris makes a ton of money doing this too, because then the business will flourish and we will have it long term. That`s important for those of us who understand long term holds as we will be long term landlords and therefore need this help long term.

This sounds great in theory and I would be willing to participate fully if I was confident that it would be practical... I have spoke with Chris at length about this during a telephone conversation but have not had the opportunity to act on his service yet... I will have to touch base with him again.

BTW, thank you for clarifying the content of your link it would have been interesting to read it.