Credit can tricky to understand under normal circumstances and is a primary concern for those looking for rental housing of any kind.
A person's credit report and score are part of the standard application process during the pre-lease period. It's also a common cause for a rental application to be denied.
Why all the fuss? What are property managers and/or owners looking for when they get that report?
That depends on the landlord, but generally they are looking for past collection accounts, vehicle repossessions, judgments and evidence of poor history (evictions and associated costs).
Some properties have a minimum credit score they will accept. For example, ABC company will only accept applicants with scores over 620, while XYZ Management will accept 600 or above.
There are also properties that will work with bad and poor credit, charging a higher deposit to the applicant.
Rental Matchmaker recommends checking your own credit before you start your search to verify it's correct, without errors.
Should your credit be questionable, work with a locator who can identify properties that will work with you. It's much cheaper than paying out application fees on denied applications.
Here in the Greater Phoenix Area, it's free to the tenant. Pricing and who pays the fee depends on the market in your specific area, so if you live outside of the area or state, it's best to ask locally what the policy is.
If you have questions or would like assistance in your finding your next home, please get in touch! We are happy to help you get started!
Source:
http://YourRentalMatchmaker.com/
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