Alberta Landlords – Everyone Says Running A Tenant Credit Check Is Important.
What Does The Credit Check Tell a Landlord?
Last month we took a look at why successful Alberta landlords will include a credit check in their tenant screening process to find great tenants.
We received an email from an Edmonton landlord asking the following:
“I’m very excited to be learning about this way to help me find good tenants.
I heart goes out to those dealing with these bad tenants (don’t pay rent, grow ops, trash the house, etc!)
But I’m still trying to figure out what the credit check will show me about the tenant to help me decide to rent to them or not.
Thanks! Al in Edmonton.”
Let’s take a look at why a running a tenant credit check is important for Alberta landlords.
#1 Good Credit Means Tenants Pay Their Bills
If you don’t pay your bills on time, it will lead to bad credit. If you do pay your bills, you will on the road to having a high credit score.
Good tenants pay their bills on time, and that includes paying the rent on time.
#2 If You Are A Tenant With Good Credit You Want To Maintain Your Good Credit
If you have a high credit score it’s very important to keep it high.
A high credit score means you can get car loans and get a mortgage when you want to buy your own house.
#3 Tenants With High Credit Scores Understand the Important of A High Score
Achieving a high credit score isn’t easy. So if you have a good score you don’t want to risk it dropping.
So why would any tenant with a good score want to cheat their landlord and lose their credit position?
Answer: they don’t.
If they get evicted and owe rent or money for damages the landlord can ruin their credit score and this will effect their future.
What is The Cost of Running a Tenant Credit Check?
There are some companies out there such as Backcheck that charge you $29 for one check and they don’t even include a credit score!
Other companies out there aren’t clear about their prices.
Some associations in Calgary and Edmonton charge landlords an annual fee just to join up.
If you join the Alberta Landlords Association you only pay a one-time registration fee, (no annual fee!)
You can then start doing premium credit checks from TVS and GARDA that include a credit score!
It’s a great way to get your rental business on the right track and find great tenants.
Alberta Landlords – Checking Your Potential Tenant’s Credit Can Save You Thousands of Dollars.
Join the Alberta Landlords Association and Start Running Credit Checks For Only $10/Check (and they include a credit score!) and No Annual Fees.