I have only been burned once, and the loss was minimal. What it did teach me was to be thorough.
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Credit Report
- Thread starter TomD
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I have only been burned once, and the loss was minimal. What it did teach me was to be thorough.
applecruncher
Senior Member
Also, a credit report can show stability (or lack thereof). If someone has moved around a lot and had a lot of different jobs over the course of a relatively short period of time, that’s a red flag imo.
That's not the question. The question is whether or not a LL should accept one provided by an applicant.
Was that a vain attempt at back pedaling?
I do not back-pedal
If I am wrong I say I am wrong. In this I am not "wrong" per se, just the one person who responded here who would accept it. Tom can make up his own mind.
Tom Should be able to accept it . If he does not, that is his prerogative.
I stand by this too.
If I am wrong I say I am wrong. In this I am not "wrong" per se, just the one person who responded here who would accept it. Tom can make up his own mind.
Therefore:
Tom Should be able to accept it . If he does not, that is his prerogative.
I stand by this too.
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You mean the one person inexperienced enough to accept it. This in itself explains alot about your skill level.
Well when I worked as an apartment manager for the owner, The potential tenants who would bring in a recent report ( Usually run by another apartment complex in the area as the tenant was actively looking.)...we did not charge for another one to be run.
I guess all of us including the owner's were all inexperienced.
I am gonna leave you that little worm to bite on... I am sure you will be back with a "last word"
justalayman
Senior Member
hey enasni, it's the first full day of spring. Will that help?
Yes, apparently you all are. And credit reports are not to be. Given to applicants. If they want a copy they are required to write to the credit agency.
Thanks for all the responses...
The credit report given to me by the applicant was 2 months old, so I decided not to accepted it and pulled a current one. The average credit score of the 3 major agencies is 661... which I guess is OK. There are a couple of charge offs within the last 3 to 4 years... but the thing I'm having the most trouble with is that the report shows 35 separate line items in the Lien/Judgment section that total about $220k. The applicant says that with the exception of about $40k, none of that it belongs to them and they weren't aware it was on their report... and of the $40k (Federal Tax Lien), they gave me a notarized letter filed with the IRS stating that the Ex is assuming full financial responsibility.... and relieving the applicant.
Since I know from personal experience that a credit report can contain erroneous data (how you can not know it's there is another matter)... what do you do when you see something on a credit report and the applicant denies it belongs to them... just outright reject them?
(Note: to the person or persons who are going to reply "It's up to me"... thank you in advance, but I know that... what I'm looking for is the opinion(s) of those individuals who (obviously) have more experience being a landlord than I do.)
Thanks
Tom
The credit report given to me by the applicant was 2 months old, so I decided not to accepted it and pulled a current one. The average credit score of the 3 major agencies is 661... which I guess is OK. There are a couple of charge offs within the last 3 to 4 years... but the thing I'm having the most trouble with is that the report shows 35 separate line items in the Lien/Judgment section that total about $220k. The applicant says that with the exception of about $40k, none of that it belongs to them and they weren't aware it was on their report... and of the $40k (Federal Tax Lien), they gave me a notarized letter filed with the IRS stating that the Ex is assuming full financial responsibility.... and relieving the applicant.
Since I know from personal experience that a credit report can contain erroneous data (how you can not know it's there is another matter)... what do you do when you see something on a credit report and the applicant denies it belongs to them... just outright reject them?
(Note: to the person or persons who are going to reply "It's up to me"... thank you in advance, but I know that... what I'm looking for is the opinion(s) of those individuals who (obviously) have more experience being a landlord than I do.)
Thanks
Tom
Tom:
I would not accept this tenant. I used to work for one of the big 3 credit agencies and it is very unlikely that all of these 35 debts are bogus. A person who has such a file (if it's really bogus) should be diligently fixing it for just the reason you are seeing. They seem too nonchalant about it and my guess is that they are trying to get you to rent to them anyway.
Fico of 661 is "pretty crappy" and there is a long paper trail of unpaid debt on this person. Perhaps a 2 month security deposit can help cover you but I think it's a risky choice.
I also have rental properties and this credit file would tell me that here is a person that does not pay and is a pro at it.
Best of luck.
M~
I would not accept this tenant. I used to work for one of the big 3 credit agencies and it is very unlikely that all of these 35 debts are bogus. A person who has such a file (if it's really bogus) should be diligently fixing it for just the reason you are seeing. They seem too nonchalant about it and my guess is that they are trying to get you to rent to them anyway.
Fico of 661 is "pretty crappy" and there is a long paper trail of unpaid debt on this person. Perhaps a 2 month security deposit can help cover you but I think it's a risky choice.
I also have rental properties and this credit file would tell me that here is a person that does not pay and is a pro at it.
Best of luck.
M~
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Notaries witness signatures. They don't make legal judgments or rulings on tax obligations.
I would tell them to get the issues fixed and come back and you will pull the credit report again for consideration.
Look for a better tenant in the meantime.