Renters- why we consider credit history
In qualifying prospects for rental properties, credit history is one of the more important factors in the decision. Why is this? After all, it’s not as if you are taking out a loan and could skip town with the cash.
At Delgado Property Management, we consider credit history because credit history is a commonly accepted measure of financial responsibility. The basic idea is that, if you develop a history of paying off debt as agreed, than it is more likely that you will continue to do so in the future. So, good credit is an indication that you will consider timely payment of rent as important and will be reliable in making rent payments. Of course, timely rent payments is very important to both us as property managers and to the homeowners as they often rely on your rent payment in order to pay the mortgage on the home that you are renting and living in.
There is a cost to run a credit report, but you pay this as an interested renter directly to the agency that performs this task and Delgado Property Management makes no fee from this. However, we are sent the results and before making any decision on a rental home or condo rental, we evaluate the credit results closely.
People’s perceptions of their own credit rating can vary widely. We often meet people with poor credit who believe that they have good credit and we also meet people with very good credit who believe that they have poor credit. This is why we will often ask questions of you regarding your credit. When we learn specifics from you we can help you to make a more informed decision as to whether or not to pay the fee to have the credit check performed.
Building good credit is not an overnight task, but it can be done. If you would like to learn an overview of this, take a look at the following website for a downloadable pdf: http://www.compucredit.com/documents/rebuilding%20credit.pdf
Of course, credit is not the only factor that we consider, but it is a very important factor and one that you should take seriously.
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