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Renters: Do YOU Have GOOD Credit?

If your credit is good, it shows you take responsibility for yourself and will most likely make an excellent tenant. Property Management companies have the task of seeking occupants who will faithfully make monthly payments and exercise good housekeeping skills.

At times, available rental homes will remain vacant too long because property managers refuse to take risks in selecting a candidate who has not shown evidence of wise credit usage which reflects on their report. It's always a pleasure to present positive findings back to property owners.

Scores of 600 and up are considered to be good rental potentials. Ratings of lesser points indicate troubling challenges, and could be reasons for denial of a rental home.

Annual credit reports for consumers are available and offered FREE by three major credit reporting bureaus. Credit scores can be obtained for a charge. More information can be found online at: Annual Credit Report or by phone at:

Trans Union: 800-916-8800
Experian: 888-397-3742
Equifax: 800-685-1111

If you are searching for a rental accommodation and possess good credit, the door is wide open with multiple choices in housing, while those with poor credit are limited.

Diane Rice is Broker/Owner of Rice Property Management & Realty, LLC., located in South Holland, Illinois with licenses in Indiana and Illinois. Rental agents of the company can be reached at 708-862-7423.

Posted by Diane Rice on 10/22/2009 11:24 PM

Comments (10)

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localism, credit score, rentals, renter, property management, south suburban illinois real estate, diane rice, rice property management

This post has been included in Illinois Information Cook County, IL Information
Post is included in group: South Illi/Indi Realtors
Post is included in group: Rental Agents and The Single Family Rental Market
Post is included in group: Property Management Professionals
Post is included in group: Property Management
Post is included in group: Landlord Issues

10 Comments on Renters: Do YOU Have GOOD Credit?

OCT

Diane * ALL TENANT PROSPECTS have GOOD CREDIT and they will go to GREAT LENGHTS to let you know it is someone else's fault that their numbers are low if they even KNOW what the numbers are.

OH!....yes, they forgot about their past utility bill and their late credit card payments.

When they tell me they have GOOD or EXCELLENT credit, I advise them that all the more reason to check it and make sure that IT IS STILL GOOD!!

For VIRGINIA confidentiality reasons, I do not discuss tenants, their households or their credit with owner/clients. They don't see the application and I do NOT print out the applicant credit report as I can always review it online if needed.

All i have are smiles for you Wallace.... for you always GIVE loaded information which we can apply to our practices. We genuinely appreciate you being here! Thank you!

We do our best to "pre-screen" tenant prospects prior to showing rental property, by asking that they go to our website to review our rental guidelines. I leave it up to them to decide if they'll meet our qualifications and whether they want to pay the rental application fee if they know they won't qualify. I have no problem taking an application fee, but if they don't have sufficient credit/income, then they will be declined. Great post!

Eric - If you never go outside your established guidelines, then you'll not have to deal with credit issues.... good for you...

We put tenants through criminal, eviction, credit and rental history verification. If someone has bad credit we tell the owner they have low credit, our laws prevent us here in TX from discussing the scores also.

If the owner decides to rent to a "challenged credit" person we document our conversation and put on CD. This usually happens if the home is vacant too long, the owner will become desperate. If challenges arise later , especially , "Why did YOU rent to them?" We have our documentation to fall back on!

Tracy, involving the owner helps them UNDERSTAND and take responsibility. We have some that want to get involved and others that stay out of the way! Those that do take the plunge usually gain MUCH MORE RESPECT FOR WHAT WE DO.... and give it back to us..... in a hurry!