Moving in Chicago>Question Details

Spencersgrl, Other/Just Looking in Chicago, IL

when realtors tell you that they will do a credit check on you. what exactly are they looking for?

Asked by Spencersgrl, Chicago, IL Tue Jul 7, 2009

i am considering moving. me my bf and our children. well i went and paid the 50 dollar credit run fee. i am just curious to know what exactly are they looking for. to see if i pay my bills on time. for evictions. what...?

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what happens if you show a foreclosure on your credit report, but you pay your bills?
0 votes Thank Flag Link Fri Jun 1, 2012
Are you looking to buy or rent? Either way call me...Gerry Marzillo 847 710-0865
0 votes Thank Flag Link Thu Jul 9, 2009
Now did you fill out a credit application, along with the form "authorizing" them to pull your credit?
0 votes Thank Flag Link Tue Jul 7, 2009

They are looking at several things: Are bills paid on time?
Do you have court ordered judgements for non-payment?
What is debt to income ratio?(do your monthly payments take up too large a percentage of your income) Many landlords will not accept you as a tenant if the rent is more than 30% of your income, so if your monthly payments are too high, you would not be able to pay the rent.
Some companies also run a criminal history, or run the names through the national sex offender database.
0 votes Thank Flag Link Tue Jul 7, 2009
They are running a full credit report on you, much like a lender would if you're buying. They are looking at your credit scores, credit history, default history, and the status of all your active accounts.

You would be wise to request a full copy of the report so you can use the opportunity to check for inaccuracies and make sure you aren't the victim of identity theft. In general, you should review this report 1-2 times a year.

Scott Newman
Newman Realty
0 votes Thank Flag Link Tue Jul 7, 2009
They are checking for an overall credit rating/score. They need to make sure that you have been paying your bills, have no garnishments, etc. This is standard procedure for a property manager to check potential tenants.
0 votes Thank Flag Link Tue Jul 7, 2009
If this is the standard procedure... maybe they should go to Washington get the answer?
Flag Fri Jun 1, 2012
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