Most landlords will do credit checks on perspective tenants, though some may choose not to. Anyone who’s trying to protect their income will likely want to make sure the person they’re renting their property to has a good history of making payments on time. If you’re concerned about a less-than-perfect score, you don’t necessarily have to worry – landlords aren’t just looking for a high credit score.
What are landlords looking for?
There are different types of credit reports and the majority of landlords will include some type of credit check with their application process. Rental applicants are usually expected to pay this fee, which may also include a background check and eviction history. There are different regulations in every state about how much a landlord or property manager can charge for this fee, so be sure to check your local stipulations. Any credit screening or background check will require your signed consent.
A lot depends on the type of property you’re trying to rent.
Apartments in low-income areas may qualify as Section 8 housing, which won’t put weight on credit checks since it involves a voucher program to assist renters in paying for their housing. On the other hand, the owner of a nice condo in a highly desired area with higher rent will probably want to make sure their prospective tenant has a good credit score and history of paying on time. This is so they can protect themselves and their property from the possibility of a non-paying tenant or someone who can’t properly afford the property. To avoid situations where your credit score may be a detriment, it’s a good idea to choose properties that are within your budget and illustrate your history of paying rent on time.
Remember, your credit score doesn’t have to be excellent to be considered for the rental you want. Landlords also consider employment history, income, job stability, eviction history, criminal history, and a number of other factors. Many prefer someone with decent credit and a reliable job over someone with stellar credit and a spotty employment history. If you have concerns, you can always ask what they need from you!
Landlords Property Managers Contact TSCI