Tenant screening is an important method through which rental companies and landlords can place the best potential tenant with the best rental property. The process utilizes objective standards to produce the most lucrative and sensible decisions from a business standpoint. As with other industries, real estate has its own terminologies, and tenant screening comes with its own jargon and key terms. To maintain professionalism and unbiased perspectives, it can help to become familiar with and use tenant-screening key terms.
Credit checkA credit check, also known as a credit report once the check has been performed, offers a plethora of information on a potential tenant. In addition to finding out basic financial information, landlords and lessors can see how tenants pay bills and utilities, if they are able to make payments in a timely manner and how much debt they have.
Fair Housing ActAlso known as the Fair Credit Reporting Act (FCRA), the Fair Housing Act (FHA) prohibits discrimination against individuals with respect to the sale, rental or financing of homes and dwellings on the basis of one's race, color, national origin, religion, sex, status of the family or handicaps or disabilities.
Hud.gov discusses the Fair Housing Act in detail.
Public recordsPublic records categorize and organize the information of individuals as filed or recorded by government agencies, including local, state and federal governments. They are created by government agencies or the individual and maintained by the government.
An introduction to public records research may be found at VirtualChase.com.
USA Patriot ActThe USA Patriot Act is a government database which organizes and categorizes the terrorists/criminals around the world. This law, regulated by the USA Patriot Act, requires landlords to run the OFAC Patriot Act search on individuals and businesses.
Accurate screening in line with the USA Patriot Act is explained in detail at AccurateScreening.net.
Background checkLandlords and rental agencies may choose to conduct a background check on their potential tenants. These offer extensive information on tenants, including criminal records, commercial records and financial records.
To learn the benefits of a tenant background check, tenant screening and what information can be found in such a search, visit CitiCredit.net.
Better Business BureauThe Better Business Bureau is a network of organizations that have organized themselves in order to create a fair and effective marketplace for both businesses and consumers. The Better Business Bureau, or BBB, provides a variety of information on businesses and organizations, including business reliability, business practices, complaints and disputes and is useful when leasing, renting or selling corporate rental space.
Detailed information about the Better Business Bureau can be found at BBB.org.