Can I Run a Credit Check on a Tenant?

As a property owner, you may have asked yourself, “Can I run a credit check on a tenant?” The answer is: Yes, you most certainly can, as long as the tenant is made aware of the credit check and approves of it. You have every right to run a credit check to help you select the most desired candidates for your rental property.
 

CNBC shares a shocking statistic concerning renters in the US who remain delinquent on their payments – almost 20%! USNews states that 5.7 million households are behind on rent, amounting to nearly $20 billion that property owners must contend with. Those statistics, alone, should make any landlord sit up and take notice when it’s time to select a tenant who has demonstrated fiscal responsibility, in the past.
 

Perhaps you are new to the tenancy business and want to know the in’s and out’s of how to run a credit check. Or, perhaps, you have had a string of bad luck with renters who did not/have not paid their rent on time or were destructive with your rental properties.
 

Being a landlord or property manager involves the good, the bad, and the ugly of dealing with everything from ideal tenants who fully respect your property to those who leave your property in shambles. Dealing with late or missed payments is no fun, nor is having to take a tenant to court.
 

There is good news, however – these unpleasant experiences don’t have to become embedded in your landlording experience. Efficiency helps landlords, such as yourself, to quickly and conveniently scrutinize a plethora of potential tenants and get a clear focus on reliable candidates – those who have a track record of budgetary discipline, and those who would make you say, “This person is the tenant I’ve been looking for!”

Efficiency is a Type of Personal Assistant – 24/7

Efficiency, as a tech tool, allows you to run a credit check on a prospective tenant as well as a background check which would include any criminal history. This type of insight can help you make informed tenancy decisions that work toward protecting your property, ensuring the welfare of your other tenants, and safeguarding your income.
 

Selecting a tenant with a superior track record regarding fiscal responsibility optimizes your chances of collecting rent money in full, on time, every time! Efficiency means independent landlords and property managers can:
 

1. Run an applicant’s credit history and background-check report, within minutes, at no cost
2. Automate time-consuming, manual tasks related to tenant-screening – save personal time
3. Sign up for free – your credit card is not needed
4. Reduce vacancy periods – $$ saved
5. Store tenant documents, securely
6. Obtain report results on any device – 24/7
 

When you run a credit check and a background check on every potential tenant, it is in your best interest as well as in the best interest of your current tenants and your property investment. Efficiency acts as your layer of protection against the very real repercussions of filling a vacancy too quickly by selecting an unvetted tenant too hastily.

Run a Credit Check on a Prospective Tenant – Quick & Easy

Efficiency allows independent property managers or landlords, such as yourself, to collect online applications and comprehensive tenant screening reports, at no cost – not a single penny. Efficiency will gather the critical credit and background information, for you, to help you select a tenant who will, most likely, work with you and not against you.
 

The tenant-screening process involves three simple steps:
 

Step #1: Create a free efficiency account to initiate the tenant background check

Creating an account is so easy – Sign up now, and in less than two minutes, you’re ready! And remember, independent landlords and property managers don’t pay a cent to gather the online rental applications, credit histories, and background-check reports they need.
 

Step #2: Invite potential tenants to apply

With your efficiency account established, you are ready to invite tenants to fill out the user-friendly online rental application. Efficiency allows you to invite tenants to apply for your rental property, and it takes 30 seconds, or less – it’s quick; it’s easy! Take a moment to view this short video – it sums up efficiency’s simplified process regarding tenant invitations.
 

Step #3: Review the results of the tenant-background check

Once your potential tenant completes the application and tenant background check, you will be notified and can view the results on your efficiency dashboard – within minutes!
 

The tenant background-check report will include a credit report, criminal report, and eviction report that you can access and view from any device. Making a tenancy assessment anywhere, at any time, concerning any one, is as easy as 1-2-3!
 

Finding your dream tenant can be left up to chance or finding your dream tenant can be intentional via pertinent information in front of you. Efficiency is ready to help you fill your vacancy while giving you peace of mind!