It can be hard to put your trust in someone you have only met a handful of times and whose past you know little about. But that’s exactly the position that many landlords find themselves in when they are accepting applications for possible renters. While they would probably like to trust everything that is written on applications, common sense leads them to believe that some possible renters are stretching the truth, while others are fabricating information completely.
In order to put their minds at ease and regain confidence in their choice of tenant, landlords have turned to verification companies to assess perspective tenants prior to handing over the keys to the front door. Paying a monthly rent may seem like a small feat, but many people fall short of expectations or are disillusioned as to what they can actually afford, says property manager Jon Selinger of ASM Properties in Tennessee. And, he adds, red flags may appear in the verification process that could eliminate your possibility of being able to rent a home.
The biggest deterrent, Selinger says, is a public record that includes bad reports from past landlords. If you missed multiple months of rent, or even worse, left the property without completing your payments, you can bet that future landlords will find out about it.
The second piece of information that could keep you out of your potential home is a bad credit score. Your credit score is what many lenders base your reliability on, and so will your landlord. People want to know that they can expect to get their money on time. Many landlords unfortunately have found themselves in debt because they have had tenants who were unable to pay them.
Additionally, your criminal record may be examined. Pretty much anything that is civil and is on your public record can be reviewed, explains Selinger. While this doesn’t suggest that past mistakes will definitely keep you from renting a home, they can in some instances. If, for example, it is discovered that your past landlord had to take you to court in order to settle your debts, then this information could possibly keep you from being approved.
Lastly, Selinger says that his company in particular does not accept applicants who have filed for bankruptcy. To be considered eligible again for renting, he often requires that potential renters have their bankruptcy discharged. This means that a person will usually remain in bankruptcy for three years after filing, and after that time period, he will be eligible to receive loans again.
It can be hard to dispute facts during the verification process. If you plan to rent in the near future, you should start by making sure all of your debts are up to date and that you raise your credit score as much as possible before a report is run about you.
