{"id":161,"date":"2021-10-15T15:18:05","date_gmt":"2021-10-15T19:18:05","guid":{"rendered":"http:\/\/35.182.98.210\/?p=161"},"modified":"2022-07-25T22:29:55","modified_gmt":"2022-07-25T22:29:55","slug":"vetting-tenants-with-little-to-no-credit-history-how-landlord-credit-bureau-can-help","status":"publish","type":"post","link":"https:\/\/frontlobbynews.com\/?p=161","title":{"rendered":"Vetting Tenants With Little-to-No Credit History: How Landlord Credit Bureau Can Help"},"content":{"rendered":"\n

Original Article: https:\/\/www.accesswire.com\/666010\/Vetting-Tenants-With-Little-to-No-Credit-History-How-Landlord-Credit-Bureau-Can-Help<\/a><\/p>\n\n\n\n

Landlord Credit Bureau Is Helping Landlords Find the Right Tenants-Even If They Have Limited Credit History<\/strong><\/p>\n\n\n\n

TORONTO, ON \/ ACCESSWIRE \/ September 27, 2021<\/strong><\/p>\n\n\n\n

Landlords often find themselves faced with multiple applicants for highly-desired properties. In such cases, the deciding factor often comes down to something concrete and quantifiable, such as applicants’ credit histories. Unfortunately, renting to someone with little or no credit history can pose known and unknown risks and challenges for landlords.<\/p>\n\n\n\n

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This means many renters find themselves in a tough spot-especially those who are new to credit or new to the country. Perhaps they are ready to begin a new chapter in their lives and start building credit<\/a> but finding a suitable rental property could be difficult, due to their lack of credit history.<\/p>\n\n\n\n

Credit reporting agencies aim to provide the most useful information possible. As Equifax highlights<\/a>: “Credit scores are intended to help lenders, creditors and others make fair decisions on whether or not to “take a risk” on someone. The risk might involve giving that person a loan (will they repay it?), offering a credit card (will they make timely payments?) or approving their apartment rental application (will they pay their rent?)\u2026Unfortunately, credit scores alone cannot serve all renters equally well-particularly those who are starting over\u2026Those with credit scores below 660 may be less likely to qualify for better loan terms. Those with lower scores who fall into the \u2018poor’ credit range (generally below 560) are more likely to have difficulty getting credit or qualifying for better loan terms.”<\/p>\n\n\n\n

These scores are determined based on the information available to the agencies; regrettably, those without hard data proving their reliability tend to fall through the cracks. As a result, landlords miss out on good tenants, and applicants struggle to find suitable rentals.<\/p>\n\n\n\n

Fortunately, Landlord Credit Bureau<\/a> assists both renters and landlords. LCB allows renters to include their previous rental payment history in their Equifax credit reports<\/a>. In turn, this helps landlords form more extensive insights into their applicants’ financial histories.<\/p>\n\n\n\n

Finding the Right Tenants<\/strong><\/p>\n\n\n\n

Landlords need to consider many factors when renting to new tenants, including:<\/p>\n\n\n\n