When it comes to renting a home and they do a credit report what are they mainly looking for? Do they really run your credit as you are trying to buy?

Asked by Chenequa Mcduff, Duncanville, TX Sat Jan 15, 2011

Renting qualifications

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Lyle Wolf’s answer
Lyle Wolf, Agent, Morristown, NJ
Sat Jan 15, 2011
They are looking for an indication that you have the ability to pay your monthly rent payment each month and can be trusted to pay it not only consistently but on time. Your track record in the past can be an indicator of this going forward. When you rent a home you are getting the right to live in somebody else's property that may be worth many hundreds of thousand of dollars for a "promise" to pay rent each month during the lease period.

If you are trying to buy a property and need a mortgage to do so, the lender will run a credit report to determine the risk of your paying back the loan each month. They want to see all your debts, how much you owe, do you pay them on time, and have you every defaulted or not paid back any loans.
1 vote
T.E. & Naima…, Agent, Dallas, TX
Tue Jan 18, 2011
No, it may be the same report, but the things they're looking for and the scores are different from buying.

First, the proportion of your income for housing versus all your payments is checked to see that it makes sense - which is just like buying. If you pay more than half your monthly gross for cars and credit cards, that doesn't leave much for rent and utilities.

Second, they look at your history of paying for housing and utilities. If you have judgments for back rent or collections for utilities, landlords are not going to rent to you, even if a bank might lend you money to buy.

Third, the score is not that relevant. Today it is extremely hard to get a bank to lend money to someone with a 610 credit score, but that wouldn't stop a landlord from renting to you.

Here's link to some rentals and you can find some general information on renting on the website, too. http://www.SumnerRealty.com/content/article.html/2524423
Web Reference:  http://www.SumnerRealty.com
1 vote
Alo webb, Landlord, New Rochelle, NY
Sun Jan 16, 2011
Yes, most property managers will do a credit report. They are looking for any indicators which suggest financial difficulty and poor financial habits. If you believe you will not qualify you should try to rent from a private owner with a 1-4 unit property. Private owners rely less on credit reports credit reports and will reach a decision from paystubs, references and personal interview.

1 vote
Ereka Jones, Agent, Richardson, TX
Tue Feb 24, 2015
Hi There!

Expect a credit report and a background check to both be ran on all applicants 18 and older!
0 votes
Zyre Sullivan, Agent, Grand Prairie, TX
Tue Nov 12, 2013
They are looking for evictions, late payments, and debt to property management companies. If you are good in those areas they may consider you even if your score is in the 500's depending on the company.
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Bruce Lynn, Agent, Coppell, TX
Sat Jan 15, 2011

It is the same credit report run to buy or lease. Landlords want to see your payment history. They want to see if you pay your bills or not. That might be a good indicator to determine if you will pay them or not. They want to know if you move in if you will pay. Landlords don't like to have to evict people just as much as people don't like getting evicted. It's a good idea if you are renting or buying to pay on time every month and that will help your credit.
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, ,
Sat Jan 15, 2011
Chenequa, the reason that the credit report is important if you are renting is that the landlord wants to know that they are going to get their money. They may have a mortgage on the home that has to be paid, in any event they have other expenses to pay such as property taxes and insurance, and may be relying on that money for their income. If you don't pay anyone else on time, why would they think that you are going to pay them? Most want a standard credit report, however anything that shows your payment history, even if it doesn't have credit scores, will do as well really, however many are too hung up on the idea that the credit score itself is the most important thing.
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Susie Reichl…, , Dallas County, TX
Sat Jan 15, 2011
Yes, credit normally plays a big part in getting a loan and it is done prior to your beginning your house hunt. I say , usually, because there is a program that will overlook a low credit score.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Jan 15, 2011
Yes we have to run a credit check, and confirm all data on your credit report.

FYI about renting in Dallas

Average application fee is approx. $50 per adult residing on the property

Direct Link : Dallas houses for rent by owner

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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