Question about credit reports for prospective renters.

Asked by Cathy, Chicago, IL Thu Feb 19, 2009

If I pull a credit report for a prospective renter, how long is that report valid for? I work in a building where we have a wailist, we take applications sometimes 6 months ahead of a move date. In this example can i pull a credit report at the same time or will that report expire before the move-in date 6 months in the future?

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CMLHoldings, Other Pro, Streamwood, IL
Thu Feb 19, 2009
Don't forget the criminal background check as well. It's usually a trifecta search that they will do.
1 vote
CMLHoldings, Other Pro, Streamwood, IL
Thu Feb 19, 2009
It depends on which credit agency you pull the report from. I believe that most of them update the credit score every 30 days.
If they have good credit now and have for the last couple of years then I doubt that they will ruin their credit in 30 or 60 days. That is, unless, they lose their job and go through a divorce at the same time or someone steals their credit cards and goes on a binge.

I suggest you run the report again 30 days before they move in.

Good luck
1 vote
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Fri Feb 20, 2009
Normally credit account statuses are updated every 30 days by creditors. In other words, if someone makes their payment on time this month to Visa, it will be updated once a month. I guess the answer to your questions depends on how accurate you want the info to be and how sure you want to be before renting to someone.

I know if we were talking about it in terms of a mortgage lender, we would want an updated credit report that is less than 60 or 90 days old. You never know when someone may all of the sudden stop paying their bills or start racking up a lot of debt and we want to be sure we are dealing with accurate information to make the best lending decision
0 votes
Wayne Beals, Agent, Chicago, IL
Thu Feb 19, 2009
You may also want to have an eviction search done as well. Many credit reporting agencies offer this service and I find it very relevant.

Best of Luck.
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