SCREENING TENANTS AND CREDIT SCORES

13th July 2020
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Landlord

There are many factors involved in a landlord achieving success in their industry, but the standard of tenant is crucial. With a trustworthy and dependable tenant who pays on time and who treats the property with respect, the role of the landlord becomes much more manageable.

 

However, if your tenant doesn’t pay on time or treats the property poorly, it can make being a landlord an ordeal. Therefore, landlords need to minimise this risk, and this is why screening tenants and examining credit scores is vital.

 

Not every landlord feels comfortable in vetting tenants and checking credit scores. However, the risks associated with not doing so are too high to consider. Therefore, if you are unwilling to carry out these checks as a landlord, you need to employ the services of someone who will

 

At Bluestone Properties, we are more than willing to provide you with tenant screening and vetting services.

 

 

Why should a landlord run a credit check?
All landlords want to receive rent when they let property, and they want to minimise the risks associated with a void period or having a bad tenant in place.

 

There is no way for a landlord to feel 100% confident about selecting a tenant to stay in their rental property, but carrying out a credit check and vetting prospective tenants allows landlords to make an informed decision.

 

A thorough check will review an applicant’s ability to pay rent each month, whether they have a history of failing to pay rent, and what their personality is like.

 

When you have an understanding of what a person is likely to offer, you have a higher chance of selecting the most suitable tenant for your rental property.

 

 

What are good credit scores for tenants?
With the scoring process ranging between 300 and 900, there is a bit of leeway when it comes to the numbers a person can achieve. The Tenant Verify score range is as follows:

 

·         Accept - Good Score - 631 – 750

 

·         Caution - Accept with qualifications - 551 – 630

 

·         Decline - Score indicates a high risk - 500 – 550

 

Anything above 630 is deemed as an acceptable score for the credit check element of the vetting process, but a score of just below this should be examined more carefully.

 

There might be reasons why a person’s score is deemed a risk, but they are worthy of letting property to. For these candidates, look at other aspects of their application, and their current status to determine if they are likely to be a risk or not.

 

Sometimes, a credit score is significantly damaged because of activities in a person’s past which might not be relevant in the present day. Of course, if a person has had problems in the past, it is only natural there will be concerns about their finance in the future.

 

 

We offer a range of letting services to landlords in South London, including tailored options which ensure you receive the best support at all times. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Bluestone Properties today by calling us on 0208 355 3405, emailing us at info@bluestoneproperties.co.uk


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