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Looking Beyond the Credit Score for Great Rosamond Tenants

Tenant Signing a Lease for a Rosamond Rental HomeDiscovering a credible tenant is one of the most fundamental parts of having a cost-effective Rosamond rental household.

For some landowners, the “right tenant” is someone with a near-faultless credit score. They create their tenant approval selections based on the idea that a fantastic credit history is proof of a financially stable future. While credit scores are important, they don’t tell the whole story. A landowner may refuse an otherwise fantastic tenant if too much basis is put down on their credit score. Recognizing the other features to seek for when screening applicants can help discern outstanding tenants in an instant.

When screening rental applicants, landowners are quick to know more about the tenant’s financial situation. A credit report can provide a collection of data beyond a mere credit score, data that a landowner can use to establish whether or not the tenant is trustworthy enough to pay their rental fees in full and on time. Particularly, late payments on an account that is now current can bring a credit score down but also shows the applicant is now paying their bills on time.

While previous vehicle repossession or a credit card charge-off is a dealbreaker for many property landowners, it is invaluable to keep in mind that several people were ruined many years ago due to the Great Recession. Through no wrongdoing of their own, they may have lost their job positions or homes, but have since regained a steady income and have managed to make good financial decisions since then. Or, perhaps a previous medical emergency forced the applicant to fall behind on their medical expenses or student loan payments, but they’ve made practical financial choices later on. In these events, the score might be less important than the tenant’s payment history over time. A few misjudgments several years ago should not bar an otherwise solid applicant.

To get the full picture, it’s important to extract information from the applicant that is not on the credit report itself. If the potential tenant has a better excuse for their lower credit score, such as those stated above, that may be a reason to keep them in mind. Also, landowners should regularly supplement an applicant’s credit report with references that can support their trustworthiness. If an applicant has a strong history of paying rent on time and a stable income, these factors may be better indicators of how they would do as a tenant than numbers on a credit report.

Tenant screening can be an elaborate process, mostly for single-family rental homes in Rosamond. Property landowners mainly want someone who will be a stable, long-term tenant, making the decision an even more pivotal one. At Real Property Management Traditions, we implement a thorough screening on every applicant, from credit reports and beyond. Our property management professionals know what to chase down and how to nominate the right tenant for every rental property we supervise. If you would like to know more about our screening process or would like to speak to someone, please contact us online or by phone at 661-266-1400.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.