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LPA Newsletter Special Report: Credit Screening

The LPA Special Report
August 6, 2014

More landlords than ever have been calling for advice and instructions on evaluating and reading credit reports, so I thought a special newsletter like this one might be helpful.
I hope you like it!

  • How to Read and Understand a TransUnion Credit Report
  • The LPA's Quick Check Credit Report Service
  • Free Pre-Screening Telephone Worksheet

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
John Nuzzolese
John@theLPA.com

"Win - Win Landlord Protection is the key!" - John@theLPA.com

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How to Read and Understand a Credit Report


How good are you at reading credit reports? I've been reading credit reports for almost 3 decades on prospective tenants, so it never occurred to me that this would be a stumbling block for many of our new credit report customers. If it is new to you, it can be confusing, but don't worry.
It is very easy!

We disected a TransUnion credit report to show you one section at a time the components and what they mean.

  • Section 1: The first section of a TransUnion Credit Report, is "Applicant Information".
    This should be checked against the applicant information on your rental application.

    Quick Check Credit Reports Report Section1




  • Section 2: The "Credit Summary" is a brief summarization of the credit report account (tradeline) statistics.

    Quick Check Credit Reports Section2




    click here for How to read a sample Trans Union credit report ...



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    Quick Check Credit Reports, Inc.

    If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money!

  • NO sign-up or set-up fees,
  • NO membership fees,
  • NO compliance fees
  • Just instant reports at lower prices!

    Special Tenant Screening Discounts for LPA members. See our price list!



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    Take the Emotion Out of the Decision

    The LPA's Tenant-Finder™
    Pre-Screening Telephone Worksheet

    "It is better to have no tenant than to have a bad tenant."

    I've been asked many times to create a form to help landlords ask the right questions on the telephone to help determine if the caller is someone you'd like to set an appointment to show your rental to. The LPA's Tenant-Finder™ Pre-Screening Telephone Worksheet has developed from a simple prospect card into a handy and more complete screening tool for telephone interviews.

    Free Download!

    The LPA's Tenant-Finder™
    Pre-Screening Telephone Worksheet



    Have you ever met prospective tenants at your rental property, shown it to them, had them fill out a rental application only to find that they were nowhere near qualified? A simple pre-screening telephone interview can be a major time saver. Why not focus your attention on the most qualified prospects?

    Before giving out the address of your rental property and committing your time to a doomed appointment with an unqualified renter, you have a chance to more carefully evaluate which prospects are worth meeting with.

    I feel very strongly about strict tenant screening, which begins at First Contact with the tenant. First Contact is when you speak with the potential tenant for the first time, usually when they respond to one of your rental ads. At that point, you have the opportunity to learn what you can about this person's current situation. Are they employed? Can they afford your rental? Do their moving dates correspond with your rental's availability? Is their credit rating acceptable? And so on.

    After completing your Tenant-Finder™ Pre-Screening Telephone Worksheet, you can use the scoring area to evaluate your new prospect. Print up a pile of them to screen your next tenant!

    Eliminate bad tenant risks before spending your valuable time on them.
    "Eliminating a bad tenant before I even have to meet him is what I consider the cheapest eviction I can have!" - John@theLPA



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    *Your Membership Expired? No Problem!



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    FREE Tenant Credit Reporting
    (LPA Membership Bonus Feature)

    Tenant Reporting

    Have you ever been beaten by a tenant on the rent?
    Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
    On the bright side, remedies are available. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.

    Credit bureau reporting is an option in which many modern landlords are beginning to participate....

    Click here for the full article


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    LPA Members, Interested in past LPA Newsletters? Feel free to view the LPA Newsletter Archive

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