Easy Guide To Read A Credit Report

Personal Information

This shows where a person lived when they applied for credit.  This will not show everywhere a person has lived.

Employment Information

This shows where a person worked when they applied for credit. This will not show everywhere a person has lived.

Report Summary

This area of the report shows the number of 30, 60, and 90 day late payments a person has had.  This section also shows credit limits and the amount of debt a person has.

Scorecards

This is where you see a person’s credit score.  This shows what type of a credit risk a person poses to a potential creditor.  Here is a simple break down:

550 and below is poor

600 to 650 is fair

651 to 700 is good

701 to 750 is great

750 plus is excellent

Collections

This section shows which accounts have gone to collections.   You can view the amount and if they have been satisfied.

Public Records

This area shows bankruptcies, liens, judgments, and evictions.

Trade Lines

This gives a detailed account of extended credit.

Inquiries

This lists out inquiries into a person’s credit.

If you need to screen another tenant, click here

www.rentingauthority.com

Why Successful Landlords do Rental History Verification

Rental history verification is an extremely important step in the tenant screening process.  If a person has been a good renter in the past, chances are they will continue this pattern.  The reverse is also true.

Rental history verification is very straight forward.  You want to speak with the past landlord and find out what type of a tenant the applicant has been.

Ask the following questions:

*Length of time rented?

*Did any problems occur while renting?  If yes explain

*How many times were they late paying rent?

*Do they know why person is leaving?

*Do they have pets?

*Are they breaking the lease?

*Would you rent to them again?

 Make sure you do good rental history verification. 

If you do not have the time to do it yourself, Renting Authority can help you. 

Log into the Property Owner’s Toolbox at http://toolbox.rentingauthority.com/login. 

Select background and credit reports. 

Click the boxes for employment and rental verification, fill in the needed information and we take care of the rest.
You will get your verification reports in 24-48hrs. The Cost is only $6 for Employment and $6 for Rental History verification or $4 each for Monthly Members.  If you have any questions, please email or call.

Next week I will give you some tips on how to do rental history verification.

Visit our new site at www.RentingAuthority.com

Is Employment Verification Really That Important?

Employment verification is an extremely important step in the tenant screening process.  Generally, a renter needs a good job so he or she can pay the rent.  Let me give you a list of things to inquire about.

One of the most important things is to pay attention to is: who and how the business phone is answered.  Why, because some people will give you a friend to call and pretend they are the employer.  The phone should be answered with a business name.

Ask for the applicant’s supervisor or boss.  This information should have been provided by the applicant on the application. 

Ask the following questions:

• How long has the applicant been employed there?
• Is he or she currently employed there?
• Is the job full time, part time or temporary?
• How many hours a week does he or she work?
• Verify the monthly income.  (Employers do not always give out this information.)
• Does their job future look good?

Make sure to do good employment verification.  If you do not have the time to do it yourself, Renting Authority can help you. 

This is how you run an Employment Report:

• Log into the Property Owner’s Toolbox
• Select Past Rental and Employment Reports. 
• Click the box for Employment Report
• Fill in the needed information and we take care of the rest.

You receive your Employment Report in 24-48hrs  

The Cost is only:

$6 for Employment Verification

$6 for Rental History Verification

Only $4 each with your upgraded membership

Up grade your membership now

  

Click here to view a sample Employment Report

Login and order you Employment Reports now

To your success,

Troy

Renting Authority

tboldt@rentingauthority.com

888-674-9181

Should I charge an application fee?

Several landlords have asked, “Should I charge an application fee?” My answer astonishes some. It is simply YES.

Three reasons why:

1.     Application fees start the filtering process
If an applicant is unwilling to pay an application fee, you may have a difficult time collecting rent.  You are in charge, it is your asset, and you make the rules.
2.     Covers your costs
Screening prospective tenants cost you time and money.  Recover as much money as possible.  If you have to screen 4 tenants to find the right one, it will cost about $100.  Don’t go in the hole $100.  Collect the application fee upfront.
3.     Being consistent on application fees reduces discrimination lawsuits
Charging differing prices and not charging at all on some applicants, opens you up for a lawsuit.  Charge a consistent fee.  Even if you feel sorry for someone. Please don’t misunderstand me.  I am not being cold hearted.  Attorneys look for inconsistencies like this to create a discrimination lawsuit.
If you have any questions or comments, please email me.
Sincerely,
Troy Boldt
Renting Authority
888-674-9181
tboldt@RentingAuthority.com
www.RentingAuthority.com

Easy Guide to Read a Credit Report

Credit Score 

The credit score indicates what type of a credit risk a person poses to a potential creditor.  Here is a simple break down:
550 and below is poor
600 to 650 is fair
651 to 700 is good
701 to 750 is great
750 plus is excellent
Report Summary 
This report shows the number of 30, 60, and 90 day late payments a person has.  This section also shows credit limits and the amount of debt a person has.
Collections 
This section shows which accounts have gone to collections.   You can view the  debt amount and if the debt is  paid off.
Public Records and Judgments
This area shows bankruptcies, liens, judgments, and evictions.
Creditors and Financial Obligations
This gives a detailed account of extended credit.
Other Reports
We have created an Applicant Rating Report.  This helps you know how one applicant compares to other applicants across the country.  Use the drop down menu in the credit report to view the Applicant Rating Report.
If you need any assistance, please call, email or chat online.
Thanks,
Troy Boldt
888-647-9181
tboldt@rentingauthority.com
http://rentingauthority.com
Online support at:
https://messenger.providesupport.com/messenger/chazing.html

Should I charge an application fee?

Several landlords have asked, “Should I charge an application fee?” My answer astonishes some. Yes.
Three reasons why:
1.   Application fees start the filtering process
If an applicant is unwilling to pay an application fee, you may have a difficult time collecting rent.  You are in charge, it is your asset, and you make the rules.
2.   Covers your costs
Screening prospective tenants cost you time and money.  Recover as much money as possible.  If you have to screen 4 tenants to find the right one, it will cost about $100.  Don’t go in the hole $100.  Collect the application fee upfront.
3.   Reduces discrimination lawsuits
Charging differing prices and not charging at all on some applicants, opens you up for a lawsuit.  Charge a consistent fee.  Even if you feel sorry for someone. Please don’t misunderstand me.  I am not being cold hearted.  Attorneys look for inconsistencies like this to create a discrimination lawsuit.
If you have any questions or comments, please email me.
Sincerely,
Troy Boldt
Renting Authority
888-674-9181
tboldt@RentingAuthority.com
http://www.RentingAuthority.com

Don’t Lock Out or Freeze Out a Tenant — It’s Illegal

Landlords are subject to penalties if they change the locks or shut off utilities to get a tenant out of rental property.

As any experienced landlord will attest, there are occasional tenants who do things that are so outrageous that the landlord is tempted to bypass normal legal protections and take direct and immediate action to protect the property. For example, after a tenant’s repeated destructive behavior, a landlord may consider changing the locks and putting the tenant’s property out in the street. Or, a landlord who is responsible for paying the utility charges may be tempted to simply not pay the bill in the hopes that the resulting lack of water, gas, or electricity will hasten a tenant’s departure.

Why You Shouldn’t Lock Out a Tenant

Landlords who take matters into their own hands often think that their behavior will be excused by the tenant’s egregious conduct. However, the fact that the tenant didn’t pay rent, left the property a mess, verbally abused the manager, or otherwise acted outrageously will not be a valid defense — and in fact, a landlord may well end up on the wrong end of a lawsuit for trespass, assault, battery, slander or libel, intentional infliction of emotional distress, and wrongful eviction. Defending this lawsuit will cost far more than evicting the tenant using legal court procedures.
Landlords or property managers who are tempted to take the law into their own hands to force or scare a troublesome tenant out of the property should heed the following advice: Don’t do it! Shortcuts such as threats, intimidation, utility shutoffs, or attempts to physically remove a tenant are illegal and dangerous. So, although the eviction process can often entail considerable expense and delay, consider it the only legal game in town. (For information on the steps you must take to evict a tenant legally, see How Evictions Work: Rules for Landlords and Property Managers.)

Avoid Penalties and Money Damages

Virtually every state that forbids “self-help” evictions also imposes penalties for landlords who break the law. When tenants sue after being locked out or frozen out, they can not only sue for their actual money losses (such as the cost of temporary housing, the value of food that spoiled when the refrigerator stopped running, or the cost of an electric heater when the gas was shut off), but they can also sue for penalties, such as several months’ rent. In some states, the tenant can collect and still remain in the premises; in others, tenants are entitled to monetary compensation only.
Even in states that have not legislated against self-help evictions, landlords who throw tenants out on their own run a risk of serious practical and legal entanglements. The potential for nastiness and violence is great — picture the arrival of a patrol car while tenant and landlord wrestle over the sofa on the lawn.
Landlords who lock out their tenants often find themselves sued over the “disappearance” of their tenant’s valuable possessions. The tenant will claim they were lost or taken when the landlord locked them up or removed them. Using a neutral law enforcement officer to enforce a judge’s eviction order will avoid these unpleasantries.
Article from www.Nolo.com

How Evictions Work: Rules for Landlords and Property Managers

An overview of the eviction process, including the termination notices required for different situations.

A landlord can’t begin an eviction lawsuit without first legally terminating the tenancy. This means giving the tenant written notice, as specified in the state’s termination statute. If the tenant doesn’t move (or reform — for example, by paying the rent or finding a new home for the dog), you can then file a lawsuit to evict. (Technically, this is called an unlawful detainer, or UD, lawsuit.)
State laws set out very detailed requirements to end a tenancy. Different types of termination notices are required for different types of situations, and each state has its own procedures as to how termination notices and eviction papers must be written and delivered (“served”).

Notice for Termination With Cause

Although terminology varies somewhat from state to state, there are basically three types of termination notices for tenancies that landlords terminate due to tenant misbehavior:

• Pay Rent or Quit Notices are typically used when the tenant has not paid the rent. They give the tenant a few days (three to five in most states) to pay the rent or move out (“quit”).
• Cure or Quit Notices are typically given after a tenant violates a term or condition of the lease or rental agreement, such as a no-pets clause or the requirement to refrain from making excessive noise. Usually, the tenant has a set amount of time in which to correct, or “cure,” the violation. A tenant who fails to do so must move or face the possibility of an eviction lawsuit. Read the rest of this entry »

Bankrupt Tenants: How the New Bankruptcy Law Affects Evictions

The new bankruptcy law makes it easier for landlords to evict bankrupt tenants.

It’s not uncommon for tenants with significant financial burdens to declare bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which took effect on October 16, 2005, makes it easier for landlords to evict bankrupt tenants. The steps you’ll need to take depend on whether the tenant files for bankruptcy before or after you get a judgment against the tenant awarding you possession of the rental.

Tenant Files for Bankruptcy After You’ve Won Possession

If you sued the tenant for eviction and won a judgment for possession before the tenant filed for bankruptcy, you can proceed to evict the tenant, even if the tenant then files for bankruptcy in an attempt to stop the eviction.
New bankruptcy law vs. prior law. Under prior law, tenants could stave-off eviction by invoking bankruptcy’s “automatic stay” with a last-minute bankruptcy filing. Under the new bankruptcy law, in this situation landlords can usually proceed with the eviction without having to ask a judge to lift the automatic stay.
Exception in some states. In a few states, and only in evictions based on nonpayment of rent, and in very narrow circumstances, a tenant can stop an eviction at the last minute by filing for bankruptcy — if the tenant files a certification and pays back rent and forward rent. As the landlord, if you file an objection to the tenant’s certification right away, you’ll get a hearing in the bankruptcy court. If you convince the judge that the tenant’s certification is not true, the court will lift the stay and you can proceed to evict the tenant. Read the rest of this entry »

How Evictions Work: What Renters Need to Know

Landlords can’t just lock you out, even if you are behind on rent. They must get a court judgment first.

Your landlord can’t evict you without terminating the tenancy first. This usually means giving you adequate written notice, in a specified way and form. If you don’t move after proper notice (or reform your ways — for example, by paying the rent or finding a new home for the dog), the landlord can file a lawsuit to evict you. (This type of lawsuit is sometimes called an unlawful detainer, or UD lawsuit.) In order to win, the landlord must prove that you did something wrong that justifies ending the tenancy.
State laws have very detailed requirements for landlords who want to end a tenancy. Each state has its own procedures as to how termination notices and eviction papers must be written and delivered to you (“served”). Landlords must follow state rules and procedures exactly.

Notice of Termination for Cause

Although terminology varies somewhat from state to state, there are basically three types of termination notices that you might receive if you have violated the rental agreement or lease in some way:

• Pay Rent or Quit Notices are typically given to you when you have not paid the rent. These notices give you a few days (three to five in most states) to pay the rent or move out (“quit”).
• Cure or Quit Notices are typically given to you if you violate a term or condition of the lease or rental agreement, such as a no-pets clause or the promise to refrain from making excessive noise. Usually, you have a set amount of time in which to correct, or “cure,” the violation.
• Unconditional Quit Notices are the harshest of all. They order you to vacate the premises with no chance to pay the rent or correct a lease or rental agreement violation. In most states, unconditional quit notices are allowed only if you have:
  • repeatedly violated a significant lease or rental agreement clause
  • been late with the rent on more than one occasion
  • seriously damaged the premises, or
  • engaged in serious illegal activity, such as drug dealing on the premises.

Notice of Termination Without Cause

Even if you have not violated the rental agreement and have not been late paying rent, a landlord can usually ask you to move out at any time (assuming you don’t have a fixed term lease) as long as the landlord gives you a longer notice period.
A 30-Day Notice to Vacate or a 60-Day Notice to Vacate to terminate a tenancy can be used in most states when the landlord does not have a reason to end the tenancy. (The length of the required notice can be slightly longer or shorter in some states.) Read the rest of this entry »

So You’re Being Evicted? Tips for Tenants

Introduction

Most tenants who are facing eviction are being evicted as a consequence of nonpayment of rent. Others may face eviction for a variety of reasons, including violation of lease terms, creation of a health or safety hazard, or even a personality dispute with a landlord.
While landlord-tenant law, and the laws governing the eviction process, can change substantially between jurisdictions, there are some generalities which apply for most jurisdictions. If you are facing eviction you should check with a lawyer or tenant’s union in your area, so you can learn the specific laws which apply to your situation.
The following information is of a general nature, and may not apply where you reside

Nonpayment of Rent

In most jurisdictions, there is an expedited process for evicting a tenant for nonpayment of rent. Typically, the tenant is served with a legal notice requiring that rent be paid by a specific date (e.g., within seven days of service), after which time the landlord can commence an eviction action. Many times, a landlord will agree to accept a partial payment during this time, with the promise that any remaining rent arrears will soon be paid in full.
If the landlord accepts partial payment (no matter how small) prior to obtaining a judgment on a nonpayment action, upon learning of the acceptance of the payment most jurisdictions will dismiss any eviction proceeding premised on nonpayment of rent. The landlord must then start the process over, in relation to any additional rents owed.
Typically, even after judgment the tenant has a period of time during which the rent arrears can be paid, so as to avoid eviction. Read the rest of this entry »

3 Reasons a Landlord Should Require Tenants to Have Renter's Insurance

Landlords are in business to make a profit and protect their assets, and requiring tenants to have renters insurance helps them achieve that goal. The concern is that if you’re not protected with a policy, they may be financially responsible in part if someone brings legal action against you. It’s not illegal, but it can prevent you from renting an apartment if you choose for whatever reason not to buy a policy. There are a number of reasons why a landlord would require you to buy renter’s insurance. Let’s look at 3:
1. Legal Protection
The landlord’s primary concern is that there will be more than enough money to protect you and them in a lawsuit arising from accidents or injuries of others who visit you in your apartment. For example, if you invite a guest who slips and falls in your apartment and breaks a bone, you could be sued for liability. If you don’t have money to defend yourself in a lawsuit and pay a judgment awarded against you, your guest may include your landlord in the lawsuit to recover damages. They might do that anyway, but your landlord is protected if you own a renter’s insurance policy. This is the main reason why a landlord requires tenants to have renter’s insurance.
2. Avoid Additional Claims on Property Insurance
Another reason why landlords require renter’s insurance is to avoid filing claims on their own insurance. Each claim they file will result in higher premium payments for them, and there may come a point where their insurance company will decide to stop insuring them. If you live in an apartment building with many tenants, there’s a greater chance of this happening. Each tenant has the potential to cause the landlord to file a claim to pay for liability, medical payments or other damages. A landlord views this as a burden, and wants each tenant to take that on themselves.
3. Protection for Other Tenants
It’s also to ensure that the other tenants are protected. If you live in a duplex, or a building with multiple units, each tenant is potentially at risk due to negligence of other tenants. For example, if one tenant floods their apartment by mistake, such as by leaving the tub on while at work without realizing it, it can destroy the belongings of tenants on the bottom floor or even tenants in the adjacent apartment. Those tenants will have to pay to replace any damaged items, such as electronics, and they may not have enough money to pursue you in court. However, if the landlord requires everyone to buy renter’s insurance, then all tenants can sleep at night knowing they can file a claim if necessary.
A landlord who requires renter’s insurance should provide property security for the apartment, such as dead bolts, security cameras if appropriate and the prompt removal of tenants engaging in illegal activity. They should also be held accountable for maintaining the premises

from: www.ohmyapt.com – staff writer

Before You Buy Renter’s Insurance

Renter’s insurance is something every renter should have. It is inexpensive, depending on the amount you take out and your area you will likely pay between ten to twenty dollars a month for the coverage. It will protect you from theft and loss from fire. Most people have been robbed or know someone who has been robbed. This policy will protect you from paying for everything out of cost.
What Does Renter’s Insurance Cover?
Your renter’s policy will protect you if you are robbed, or if your apartment burns down. Additionally renter’s insurance includes liability protection. This protection will cover medical expenses if someone is hurt inside your apartment. This insurance will help you to replace items that are damaged or stolen. The liability insurance is also nice, because it will protect the assets and savings that you have acquired.
What Isn’t Covered by Renter’s Insurance?
It is important to realize that a renter’s insurance policy does not cover everything. Most insurance policies will not cover a flood. You will need to purchase an additional policy to cover flooding. This is especially important if you live in a flood plain area. Many apartments will let you know if they are located in a flood plain.
How Much Coverage Should You Purchase?
You need to determine the amount of your insurance policy. When you do this, you should carefully consider the costs of everything you have. If you are robbed, you will likely only need to replace jewelry and electronics. If you are the victim of a fire, then you will need to replace your clothing, your furniture and other personal effects in addition to your electronics.
Read the Fine Print for Limits and Exclusions
It is important to read your policy carefully. Some insurance companies put a limit on the amount that they will cover in different areas. They may limit the total amount that they would pay in electronics to $500.00. If this is the case, then you would need to purchase an additional policy to cover those items. If you work from home, you need to consider the cost of the equipment that you use. You may need an additional policy to cover your liability in relation to your job.
Take Advantage of Discounts for Your Policy
When you purchase your renter’s insurance, it is important to shop around. You can receive a discount when you get it through the same company as your car insurance. You should check for discounts through your job, professional associations, and alumni associations as well.
By Miriam Caldwell, About.com Guide

I truly appreciate the Renting Authority and what they offer.

I truly appreciate the Renting Authority and what they offer.  Without a doubt, Renting Authority has saved me potentially $1000′s in costs associated with renting to not-so-forthcoming tenants.  It is because of your service that I have been able to make informed decisions about potential tenants and have NOT had to rent to those tenants with issues that were revealed by your service.
I will continue using the Renting Authority exclusively for the rental forms and for researching potential tenants.  There is not a service better suited for landlords!!  Thanks for your GREAT customer service!
Sincerely,
Jack M

New Enhanced Background Reports

Landlords and property managers like you, rely on fast and effective information.  We are constantly searching for the best information and solutions for you.
In the past weeks, Renting Authority upgraded our background reports.  We now search over 16,000 data bases to give you the most current national background reports available.
You receive in-depth:
-Felony Checks
-Sex Offender List (most with photos)
-State Level Criminal Checks
-County Level Criminal Checks
-Misdemeanor Checks
-National Criminal Checks
-Terrorist Watch List
Our searches match a person based on first and last name and date of birth.  We also search known aliases.
The sex offender search is broader than the other criminal record searches.  You may see names that don’t match or are similar to the person you are looking at.
This is because the algorithm takes the first three letter of the first and last name and matches with any name with those same letter combinations.  IE Jason Hancock can also match Jasmine Hansen.
As an enhanced feature, most sex offenders have a picture attached with their criminal record.
We want you to have as much information as possible when making your decision.  If you ever have questions about the background report, please feel free to call us at 888-674-9181.
Have a great day,
Troy
888-674-9181
tboldt@rentingauthority.com
http://www.rentingauthority.com

7 Costly Landlord Mistakes