So You Wanna Be Sherlock Holmes of the Rental World? How to Credit Check a Tenant in Ontario (Without the Deerstalker)
Let's face it, finding a good tenant is like finding a unicorn – mythical, magical, and hopefully exists somewhere out there. But unlike waiting for a sparkly horse to prance through your living room, there are ways to up your tenant screening game. Enter the credit check, the trusty magnifying glass (okay, maybe it's more of a digital magnifying glass) for any aspiring landlord.
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| How To Run A Credit Check On A Tenant Ontario |
But First, a Word From Our Lawyer (who isn't here, but trust us)
Before you grab your metaphorical magnifying glass and head down to the credit bureau in your best trench coat (again, not necessary), there's a crucial detail: you absolutely need written consent from your potential tenant to run a credit check. Don't worry, it's not like asking them to reveal their deepest, darkest secrets (though, a good tenant who pays rent on time might be a secret worth uncovering).
Alright, Alright, Let's Get Credit Checkin'!
So you've got the green light. Here's the lowdown on how to snag that credit report:
- Gumshoe Agencies Galore: There are a bunch of credit reporting agencies out there willing to be your partner in tenant sleuthing. RentCheck, GateMaster, SingleKey, and Tenant Verification Services are all solid options.
- DIY vs. Hire a Detective: You can go the DIY route and contact the agency yourself, or you can hire a property management company to handle the whole shebang.
Remember: There might be a fee involved, so factor that into your tenant screening budget.
QuickTip: Focus on one paragraph at a time.
Decoding the Credit Code: Friend or Foe?
The credit report will tell you a story, but it's up to you to interpret it. Here are some key things to keep an eye out for:
- The Big Kahuna: The Credit Score: A high score generally indicates responsible financial management, but it's not the only piece of the puzzle.
- Eviction Evils: Look for any past evictions, as they can be a red flag.
- Debts, Debts, and More Debts: Delinquencies and defaults can be a cause for concern, but consider the context (e.g., student loans vs. unpaid bar tabs from a wild bachelorette party).
Remember: Don't base your decision solely on the credit report. Employment history, references, and a good old-fashioned chat are also crucial.
You've Got This, Sherlock!
By following these steps, you'll be well on your way to finding a tenant who will pay their rent on time and treat your property with respect. Now, go forth and find your tenant treasure!
Tip: Read mindfully — avoid distractions.
Frequently Asked Questions for the Credit Check Curious
How to get written consent for a credit check?
Most rental applications will have a section where tenants can authorize a credit check. You can also create a separate form for them to sign.
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How much does a credit check cost?
Tip: Bookmark this post to revisit later.
The cost can vary depending on the agency and the type of report you order. Expect to pay somewhere between $20 and $50.
How long does it take to get a credit report?
With most agencies, you can get a report within minutes of your tenant providing their consent.
QuickTip: Read actively, not passively.
What if a tenant has bad credit?
A bad credit score doesn't automatically disqualify someone. Consider other factors like employment history and references.
Are there any alternatives to a credit check?
You can ask for proof of income, such as pay stubs or bank statements. You can also verify employment and get references from previous landlords.
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