When you inquire about renting an apartment, home or office, your prospective landlord may ask you to fill out a form with your vital information, such as your social security, employer and current and previous addresses. This type of information is normally required to conduct a tenant credit check.
Identification
Tenant credit is a term used to describe the financial and debt history of a person or business that is looking to rent a building or part of a building in which to live or work.
Function
Tenant credit is used by landlords as a way to predict the likelihood that you will pay your rent. For the landlord, it is a means of minimizing the risk associated with not being paid for the space you wish to occupy.
Features
When a potential landlord pulls your credit report, a list is generated from either one of the three credit reporting agencies--Experian, Transunion and Equifax--or all three. This list shows how much money you owe your creditors, if you have ever made late payments in the past, and if so, how late those payments were.
Use
Based on your tenant credit, a potential landlord may decide not to tent to you. Alternately, the landlord may still rent to you but request a larger security deposit or a certain amount of rent up front.
Right
Under the amendments Fair Credit Reporting Act passed by Congress in 2001, you have a right to know from a potential landlord what information from your credit report was considered in denying your claim and what credit reporting agency provided this information. If the information is incorrect, you have a right to dispute the information through the credit reporting agency and then re-apply with the landlord.
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