Ever Questioned a Tenant about his/her Consumer Report?

[Nir]

Hey All,

Have you ever questioned a tenant about issues shown on his/her consumer report?

I`m assuming in most cases the tenant`s report from the investor`s point of view is "binary" meaning go/no go.
In other words if the consumer report is good enough (assuming everything else if fine - references etc.) you accept the tenant if not you don`t (without asking any questions/clarifications on the consumer report itself?).

Thanks & Regards,
Neil

 

[rforgiel]

Neil

You can ask questions about the credit report.
This usually happens if they are applying for bankruptcy or have gone bankrupt. These types of folks are not necessarily bad tenants. They have just gotten into trouble and now have to dig themselves out. However, you will need to look into the whites of their eyes and figure out if they are solid enough that you can trust them to pay the rent and keep your place in good repair. See if their explanations square with the credit report.

If the credit report continually shows missed payments, that is a sign of irresponsibility and trouble ahead.
If the addresses and dates on the credit report don`t match up with what is on the application, I take that as a sign of dishonesty and do not proceed.

On a cautionary note, if you do question them on missed payments, judgements against on pay day loans, etc. expect a lot of shucking and jiving; eg. that is not mine I have had trouble with identity theft before, that is from an ex boyfriend/girlfriend or I have no idea how that got there it is not mine (yes all seven of them).

Don`t use the explanation against them if you do not pick them. Remember the explanation is I have decided to rent to some one else. Usually when they know you are on to them and you can hear the defeat in thier voice you do not hear from them again.

If you want to ask then ask, it is a good learning experience. After a few times and you have heard all the stories it will become more of a binary process.

 

[Nir]

Thank You Ramon for the input,

Was nice meeting you in Etobicoke earlier.

Neil