30 Jun, 2022
You are ready to make a move! You have saved up enough money for the deposit, rent, and other fees; now what? Now is the time to start the application process to qualify for the rental. You are probably curious about why landlords do background and credit checks. When landlords begin the background check, they are looking for proof that the applicant has a good reputation for honesty, trustworthiness, and integrity. This is a standard in the rental industry. The following information that will appear on the report will be: 1. Addresses 2. Public Records 3. FICO Score 4. Employment Information 5. Open and Settled Loans The credit check looks for a history of timely payments and debt-to-income ratio. Timely payments are essential to landlords and one of the biggest concerns. They use the credit score to measure your creditworthiness and evaluate how risky a tenant you would be. Here at Miller Family Homes, we are a case-by-base evaluation per application. We look at your credit score and payment history. We also run a background check. We look at all the details on credit and background reports and have a system that evaluates if the applicants' risk percentage. If an applicant does not meet our criteria, we allow co-signers who meet our requirements to co-sign for the applicant to approve them. Once the background and credit report analysis comes back, it lets the landlord know whether or not to move forward in the renting process. If you are trying to build your credit, you may be scared to apply. Running a credit check will lower your credit score by a few points. If you know your credit score, that is a start. You may inquire about the credit range that the landlord prefers their tenants to have. If you want to increase your credit score, click here . If you are unable to rent now, that will not always be the case. Be proactive about your future. Overall, background and credit checks are nothing to worry over. They are standard in this industry. If you are interested in applying for one of our Townhomes, click here . We would be more than happy to set up a tour and show you around our communities.