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Why Instant Reports are not the Best Solution for Screening Your Prospective Tenant

  Sue McConnachie   |     Nov 23, 2018

A troublesome tenant can be a costly issue. Not only do you incur the loss associated with unpaid rent and the eviction process, but you will also have to invest more time and money in finding a new tenant, repairing damages they may have caused, as well as worry about the effect they had on other tenants and your long-term relationships with them. 

As a property manager, you know that the best way to mitigate these risks is to screen your tenants before you sign a lease, and because you need to get someone into your unit as quickly as possible so that you can start earning income, an instant online report can seem like a good solution.

After all, it provides you quick access to all of the information you need on your tenant – or does it?

When you decide to go with an online report, you are receiving information that is pulled from a database.

The problem is that these databases use historical data and, because this information is instant, there is no certainty about when the information was compiled or if it was even confirmed with sources. It does not provide a full, up-to-date and verified picture of your prospective tenant.

As a result, you increase the risk of selecting the wrong tenant based on out-of-date, unsubstantiated and incomplete data.

Enhanced screening, on the other hand, takes a more detailed look at a person or company’s overall position – past, present and future.

An enhanced prospective tenant report will consider the information available in various databases and directly from other sources, providing more comprehensive information on the company and the individuals running it.

In the case of a prospective tenant report, you will receive current and verified information, including:

  • Corporation Profiles
  • Professional Credentials
  • Bank Ratings
  • Landlord References
  • Trade References
  • Bankruptcy Searches
  • Personal Property Lien Registrations (PPSA)
  • Legal Actions & Judgments
  • Collections Claims
  • Land Registry Sub-Search
  • Tax Liens

Additionally, enhanced reports will help you draw more sophisticated conclusions and identify any worrisome patterns by comparing up-to-date information with historical data.

At Quality Credit Reporting, we understand the time sensitivity when it comes to getting the best information possible. That is why we have equipped our team with sophisticated applications and technology, allowing us to provide quality reports quickly, while also exceeding industry standards.

For more information on obtaining the most valuable, up-to-date and verified information possible, contact us today!

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By Sue McConnachie

Quality Credit Reporting is North America’s premiere credit reporting agency, committed to providing unparalleled, high-quality reports and services.

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