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  1. #1

    Default Credit Check and Reference Check, how reliable are they?

    hi Property Investors

    I recently had a tenant that moved out after owing 3 weeks of rent and left me 2 truck load of rubbish in the house. Now the house is tenanted to new tenants. This time i read the Credit Check and Reference Check carefully to make sure that i am getting a good tenant before signing the Tenancy Agreement

    They've been there for about a week now and already the rent payment is late.

    So i am wondering if the Credit Check and Reference Check are not useful. Someone with bad credit can easily get their partner or relatives to sign up as the main tenant and pass the Credit check, for example. People with good credit check and good reference check wouldn't miss the rent, at least not in the first week



    Thank you

    All comments would be appreciated

  2. #2
    Join Date
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    Default

    welcome to the game

  3. #3
    Join Date
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    Check all adult tenants.

  4. #4
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    As I see it, a credit check is one part of the assessment process. References are another.
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  5. #5
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    Did you get a photograph of their photographic identification? Did you enter their details correctly? And lastly, as others have said, a credit check is part of the whole game.

  6. #6

    Default

    Thank you for all the replies. It was done by my property manager, and i had a few applicants to choose from. I did look at the photos from the IDs, but only the main applicant was credit checked

    Next time i would ask all adults to be checked, that seems to reduce the risks a lot

  7. #7

    Default Credit check overrated?

    The past (credit record) does not resolve your problem. You need to assess if the prospective tenant is able to afford your rental, confirmation of income, current debts (hire purchase) etc.

  8. #8
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    Ask to see bank statements . . . heh, heh.
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  9. #9
    Join Date
    Jan 2009
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    172

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    If I suspect my tenant is a professional and they are refusing to pay rent, can I do a credit check?

  10. #10
    Join Date
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    Quote Originally Posted by crashy View Post
    If I suspect my tenant is a professional and they are refusing to pay rent, can I do a credit check?
    Probably not.

    If you got permission before they moved in then the permission would have been given for you to make an informed choice before offering a tenancy. They are in there now so the reason for the permission has lapsed.


 

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