What do rental properties look for on credit

You might be able to get feedback from them, and whether you do or not, you can still check your credit report to get a full picture.

It might be the case that you can still rent the property by paying a larger deposit or using a guarantor. If you think your credit history is preventing you from being able to rent, you can look at factors that might be affecting it. Addressing these issues can help improve your creditworthiness and give a positive indication to lenders or service providers.

Knowledge Centre Loans and Credit Credit checks for renting Renting a house or flat can be a difficult process. Why do landlords run credit checks for tenants? What information does a landlord credit check reveal?

What other information might a landlord ask for? What can you do if a landlord rejects your application? Guide to student overdrafts Guide to student credit What is a credit blacklist? Moving to the UK and your credit score Who can see your credit report? Should you lease or buy your next car? Landlords want to make sure potential tenants have enough income to handle rent payments, so they might verify employment. And according to the Consumer Financial Protection Bureau, landlords and property managers might do a background check using a tenant-screening agency.

Both employment verification and background checks can be important factors in whether an applicant is approved. Credit scores can change over time. Here are a few ways you can show responsible credit use and help improve your credit :. According to a TransUnion study, checking your credit score can potentially lead to more positive credit behavior.

About one-third of consumers in the study who monitored their credit were able to increase their credit score over the course of a year. One way to monitor your credit is by using CreditWise from Capital One. You can also get free credit reports from each of the three major credit bureaus. Visit AnnualCreditReport.

Your credit is just one factor that landlords use to determine whether to accept you as a tenant. Knowing what they look for can help you figure out where you could improve. Government and private relief efforts vary by location and may have changed since this article was published. Consult a financial adviser or the relevant government agencies and private lenders for the most current information. We hope you found this helpful. Landlords look to see that the potential tenant has more accounts paid on-time than accounts that were not.

Landlords check credit reports to see if there are any bankruptcies. Bankruptcies remain on credit reports for up to 10 years. A potential tenant with a discharged bankruptcy is usually a better risk than one with a pending bankruptcy. When a bankruptcy is pending, it is possible for a tenant to be relieved of all current financial obligations -- including any remaining rental payments due to a landlord. For this reason, landlords check credit reports to be sure that there are no pending bankruptcy actions.

Trinise L. Castro has been writing on a variety of topics since Her work has appeared in "Healthy Families Rappahannock Area," where her health-related articles are published, and online at Gadling. An expert real-estate writer, she has also contributed to AchieveRealEstateSolutions. Castro is also a spokeswoman and entrepreneur.