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Daily Archives: April 26, 2022
Many years ago, I would run credit reports on applicants and only pay attention to their FICO scores. We stated in our criteria that applicants must have a credit score of 725 or higher to apply for one of our rentals. If the credit report popped up with that number or higher, I would move them to the “continue with background check” pile. Little did I know that I was setting our company up for problems by not investigating further into their financial background and evaluating what else was on an applicants credit report. Knowing now how to read an applicant’s credit report, I know it’s way more than just a FICO score. Read below for the items we pay closer attention to.
With the pandemic over and most moratoriums have expired, it is more important than ever to be thorough with your rental applicant background checks.
We are proponents of education, and much of the information provided in this blog is from a refresher webinar hosted by The American Apartment Association. If you are not familiar with them, check them out. They have a lot of free information that we find very helpful, even as veteran landlords.