If you own an investment property, apartment complex, or rental home, determining which tenants are trustworthy and which are high-risk is essential to protecting your assets. When it comes to deciding which tenants qualify, there’s no time for guesswork. You need to be confident in your decisions and in which tenants you take on.
Performing the tenant screening process on your own can take a lot of time and effort. In addition, it can be difficult to understand, especially if you’re new to real estate investing and renting. Having a
This article examines everything you need to know about consumer lending platforms, what they offer, and how you can get started using one today. Here’s what you need to know.
Support Low Risk and High Reward
The most significant benefit of a consumer lending platform, apart from being efficient and easy to use, is that they help you achieve a low risk, high reward result! Let’s break down what this means.
When you choose tenants to rent out a building or room, you assume they will pay rent on time, take care of your property, and keep your lease. Not all tenants are reliable, so it’s important to know which are and which aren’t. This is how the tenant screening process was born.
With tenant screening, landlords are able to screen their tenants, looking at information like credit score, credit history, employment history, and more. This process is critical to determining which tenants are low risk and high reward. However, doing this process yourself can result in mistakes and guesswork, both of which can result in poor tenants, late payments, and broken leases.
You need to protect yourself financially and your investment property from misuse, so finding high quality tenants is a must. Our consumer lending platforms can help you do this with ease. With rapid integration, reliable sources, and 24/7 customer support from experts, you can help minimize your risk and increase your reward!
Access Reliable Tenant Data
A consumer lending platform helps you determine which tenants are worth it and weed out the ones that are high risk. How does it do this? Tenant screening services offer reliable tenant data that can help you make this decision based on income and credit. Let’s break down what each of these types of data means and how they help you determine tenant quality.
Income Report
An important piece of data you’ll receive when you use a consumer lending platform is an income report. This includes your potential tenant’s employment history, annual projected income, and overall financial information. This is essential to making sure your tenant can pay their bills and afford to rent from you.
When you access your tenants income, make sure to check their debt to income ratio as well. A debt to income ratio shows you how much debt your potential tenant owes compared to how much they make. A low ratio is ideal so they can afford to pay rent!
Credit Report
When you use a consumer lending credit report service, you have access to the three credit reporting agencies. This gives you accurate information on your potential tenant’s credit score, credit history, and overall credit. Why is credit score and history important? Let’s take a closer look.
A tenant’s credit score shows you how they manage their money and bills. If they have a low credit score and poor credit history, this likely indicates late payments, missed payments, inconsistent history, and high levels of debt. Even if your tenant has a high income level, a poor credit score indicates that they may not pay their rent.
High credit score and positive credit history are excellent when it comes to tenants. This indicates consistency in paying their bills, no or few late payments, and lower levels of debt. Finding reliable tenants means finding those with good credit, so this is an essential quality to look for. When you use our consumer lending platform, you’ll have access to real time, accurate credit data for all of your potential tenants!
Streamline Your Screening Process
If you manage an investment property, you have a lot on your hands. From taking care of leaky faucets to further problems with the property, you have a lot to do. Using a consumer lending service can help you streamline your screening process so you can choose tenants efficiently and worry-free!
With reliable data on income and credit, you can choose your ideal tenants and protect your assets today.
