Before renting a unit, many property owners choose to carry out credit or background checks on their future tenant to avoid trouble. These allow them to verify certain things about the tenant and make sure that they are the best tenant for the unit.
First, What Is a Credit Check?
A credit check’s purpose is to learn more about someone. It will verify the person’s identity, analyse their credit history, and report their payment history. The property owner or manager can then find a creditworthy tenant that will pay their rent on time.
This check cannot be carried out without the tenant’s written consent. Moreover, no one can be forced to agree to this process.
What Is a Credit Check?
The tenant background check is only carried out before renting a unit. Its purpose is to provide more specific information about the future tenant. This check analyzes the same criteria as the credit check (identity, credit history, payment history), but it also includes a criminal record check; a confirmation of employment; recommendations from the previous landlord; and a verification with the Tribunal administratif du logement.
Again, this check cannot be carried out without the tenant’s permission.
Which Institutions Offer Credit Checks?
Many companies specialize in this type of verifications; they provide owners with an analysis of their future tenant’s file. The results of such checks usually come within 48 hours.
Online Credit Checks
Credit and tenant background checks are something landlords should do. They let the landlord know that the tenant is serious and that they can be trusted.
This is why Magex Technologies has chosen to partner with Trak Group to offer this feature to its users. Now, users of Proprio Expert and Bail Expert can ask their tenants, directly on the platform, for a credit check. The request takes less than five minutes, and the landlord receives the results within a few hours.
To suit your needs, three packages are available on our software: Basic, Intermediate, and Complete. Here is what each package includes:
In short, the credit and tenant background checks are not mandatory; a landlord can choose to trust a candidate based on their instincts. They are, however, highly recommended because it is better to be safe than sorry!