When having a prospective tenant complete a credit application, it is important that they take the time to complete it in full.
Verifying a potential lessee’s background information can take time. You must contact the bank, wait for bank ratings to process, reach out to references and uncover additional details that could be informative.
At Quality Credit, we know that timing is everything which is why we pride ourselves on our ability to deliver in-depth reports quickly and accurately. We know that you want to qualify your tenant, move them in and start earning an income on your investment.
One of the biggest issues we come across when working with property managers, however, is missing or inaccurate information on the credit application, which results in increased lead times.
Taking these 5 steps can help ensure the fastest service time possible.
It is very important that your prospective tenant provides the full legal name of their company along with any operating name(s). Please have them include the province in which the company was incorporated, as well as the date of incorporation.
If an individual is to be included on the lease, it is essential that they provide their full legal name, as well as any other names that they may use, along with their current address and date of birth. Please also have them indicate if they own the property in which they reside.
Please note that banks will not release information without the transit number and account number. It is important that your prospective tenant provides the exact account holder name. If they can provide the account manager's name and telephone number as well, it is very helpful and will expedite your report.
All credit applications must be signed. Please note that if accounts are held jointly and two signatures are required at the bank, two signatures need to be included on the application. With regards to corporate tenants, please ensure that the individual signing the credit application is a signing authority at the bank.
Please provide as much detailed information as possible for each landlord and supplier. As indicated on the applications, include the company name, address, telephone/fax number, a contact and the name that appears on the account/lease.
All banks require the signed authorization of the account holder prior to releasing any banking information. The signature of the account holder must match the signature card at the bank.
While you will not know whether the individual signing the credit application has signing authority at the bank, it could be helpful to mention this point to the prospective tenant when providing them with the application.
By following these 5 steps, you can minimize the likelihood that you will have to go back to the prospective tenant at a later date to request additional information which increases delivery times.
If you would like more information about our Reports for Prospective Tenants, contact us today. We are always glad to help.