How to Interpret a Renter’s Credit Report
As a landlord, agent, or property manager, a credit report allows you to see the habits of a renter and prove their ability to make payments on time. In order for your business to remain successful, you need to recruit quality, responsible tenants. A good way to verify this is through credit reports.
While going with your gut impression isn’t the best way to judge the quality of a renter, credit reports will give you concrete proof of their identity and financial responsibility in just a few hours or less. It’s similar to a report card of a renter’s financial history, helping you make an educated decision on whether or not you want to rent to them. Looking at these details, you can make an educated decision on whether you’ll be putting your property in the hands of a responsible tenant.
Credit reports allow you to protect yourself from risky tenants, but can be very confusing if you don’t know what you’re looking for. In this guide, we’ll walk you through how to correctly read and interpret a renter’s credit report, what to do when a renter has bad credit, as well as how to property reject applicants. Also take a look at our easy-to-understand diagrams that will break down all the components of your typical credit report.
You’ll be reading credit reports quickly and judging them fairly in no time. Just download a free copy of our guide, How to Interpret a Renter’s Credit Report.