Many landlords include this clause at the bottom of the Application Form.

Many landlords include this clause at the bottom of the Application Form.

You may require a surety agreement from the relative willing to stand as guarantor – point this out to them.Any one of these aspects in itself may not be sufficient to judge, but you will build-up a complete picture from all of them, especially when you do the credit checks and referencing.Always have an application form with you and a receipt book for any cash holding deposits taken, and a holding deposit agreement to spell out exactly what happens to the holding deposit if the prospective tenant defaults.By taking a holding deposit you agree to remove the property from the market pending assessment of the application form and further checks. Another option is to charge the fee, but if the tenant rents the apartment, you will deduct the fee from the first month’s rent or will add it to their 
It never hurts to confront the tenant and listen to their explanation. comes back with a high score, they are more likely to pay their bills on time and have a favorable income-to-debt ratio. Please Note: This Article is 7 years old. Tenant Rental Passport. Some landlords find that charging an application fee, such as $15, to run a credit check saves them money in the long run because prospective tenants with poor credit will usually not consent to pay a fee. You can still run your own credit report on the prospective tenant, but you’ll have to get their permission and pay any associated fees.A credit report is a detailed snapshot of a person’s borrowing history that typically includes information from banks and other financial institutions, creditors and public records.Reports from different bureaus and services look slightly different, but all tenant credit reports should contain:At the top of the report, you’ll find applicant information like:This section alerts you to potential fraud — be sure to review and verify any of these discrepancies with the applicant.You’ll see a summary section that generally includes records of the following:The payment pattern over the last two years (including late or overdue bills and payments)This shows you how consistently the applicant meets their monthly financial obligations. All being well the prospect will be happy with what you have said and the agreement terms, but be prepared to pull out, even at the eleventh hour.Make absolutely sure your paperwork is in order before signing the agreement, one tiny error on a date or other details can be disastrous where legal documents are concerned.Verify the prospect’s identification and have an independent witness present to sign the document if you can, though this is not absolutely necessary.Given the difficulty sometimes encountered serving notices, some landlords like to serve the two-month’s possession notice (s21 Notice) at the agreement signing stage – well worth considering – but remember, always sign the tenancy agreement first and get a receipt of service.Signing the lease and completing an inventory are not the only considerations on check-in. Landlords can credit check their tenants through Experian Connect.

To use the services offered by these specific bureaus, you will have to pay any associated fees and follow the rules that are laid out by the bureaus themselves.The information that each bureau reports is specifically formulated by that bureau, and it will give a specific perspective about any one tenant.
That being said, credit reports are not foolproof. You may wish to charge the prospect an administration fee for this process, in which case the form should state this.Tell your prospects that their application will be considered along with others so it’s very important that the information is complete, in order to speed up the process.Look for warning signs and inconsistencies in the information given – does it all add up? Tenant checks. Try to do as much as possible over the telephone rather than wasting days waiting for letters to arrive.Once you have decided, inform the prospect that they have been successful in meeting your requirements ahead of the other prospects – most people will be happy and relieved that they have qualified and will want to go through with it quickly. This is unlikely to happen if you have all of the person’s contact details – a mobile number is a bonus if they get lost on the way.Experienced landlords and agents will develop their own style when showing prospective tenants a property. Some agents run a check with a credit reference agency such as: Experian; Equifax; They must ask for your written permission to do this. Landlords can credit check their tenants through Experian Connect.


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