The Florida Association of Residential Property Managers (FARPM ) held it's annual convention and trade show this past week in Hawk's Cay.
Property Managers from across the region enjoyed two days of top notch educational speakers and had the opportunity to meet some of the industry's best and most reliable vendors, all while spending a few fabulous days in the Florida Keys.
Verify Tenant was fortunate enough to be able to attend and share information about our tenant screening services with attendees.

Thank you

Verify Tenant
http://www.verifytenant.com
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On the current economic situation were people are going to financial problems. or jobs are getting lost, is very important before you lease your property try to do the research necessary to know if your tenants will be able to make their monthly payments, plus they will take care of your property.
Some information that you need to know before you denied a prospect tenant is:

What is a Consumer Report?
A consumer report contains information about a person's credit characteristics, character, general reputation, and lifestyle. A report also may include information about someone's rental history.

If you're a landlord, you may use consumer reports to evaluate rental applications - as long as you follow the provisions of the Fair Credit Reporting Act (FCRA). The FCRA is designed to protect the privacy of consumer report information and to guarantee that the information supplied by consumer reporting agencies (CRAs) is as accurate as possible. The FCRA requires landlords who deny a lease based on information in the applicant's consumer report to provide the applicant with an "adverse action notice."

Good Luck
Verify Tenant
www.verifytenant.com

        

It's important to find out what happens to the personal information you provide to companies, marketers, and government agencies. These organizations may use your information simply to process your order; they may use it to tell you about products, services, or promotions; or they may share your information with others. More organizations are offering people choices about how their personal information is used. For example, many let you "opt-out" of having your information shared with others or used for promotional purposes The national credit bureaus offer a toll-free number that enables consumers to opt-out of all pre-approved credit offers with just one phone call. Call 1-888-5-OPTOUT (1-888-567-8688) for more information

Good Luck
Verify Tenant
www.verifytenant.com

        

What’s In a Credit Score?

The information that impacts a credit score varies depending on the score being used. Credit scores are affected by elements in your credit report, such as:

• Number and Severity of Late Payments
• Type, number and age of accounts
• Total debt
• Public records

        

The Five Things That Count

Listed below are five main categories of information on a credit report that Fair Isaac & Co evaluate, along with their general level of importance. Within these categories is a complete list of the information that goes into a FICO score. Please note that:



• A score takes into consideration all these categories of information, not just one or two. No one piece of information or factor will determine your score.

• The importance of any factor depends on the overall information on your credit report.

• Your score only looks at information on your credit report. Your FICO score does not reflect your income

• Your score considers both positive and negative information in your credit report.

• Your score does not consider your ethnic group, religion, gender, marital status and nationality.


The score itself can range from 300 to 900. The formula for exactly how the score is calculated is proprietary information and owned by Fair Isaac. Here is an approximate breakdown of how it is determined:


1. 35% of the score is based on your payment history. One of the primary reasons a lender wants to see your score is to find out if and how timely you pay your bills.

2. 30% of the score is based on outstanding debt. How much do you owe on your loans? How many credit cards? Are they at their limits? A good rule is to keep your cards at 30% or less of their limits.

3. 15% of the score is based on the length of credit history. More information about your past payment history gives a more accurate prediction of your future actions.

4. 10% of the score is based on the number of inquiries. These may be bad for your score because they indicate that you may be in some kind of financial trouble or may be taking on a lot of debt. FICO scores only count inquiries from the past year.

5. 10% of the score is based on the types of credit you currently have. What kind and how many of each? The credit mix usually won’t be a key factor in determining your score- but it will be more important if the report lacks other information on which to base the score.


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TENANT SCREENING TIPS

1. Always use a preprinted rental application whether it is our generic form or a special company printed form.

2. Full Name: Should include first, middle and last names and any generation, such as Jr, Sr, etc. Include all nicknames and aliases previously used. Do this for all persons to occupy the property. Check to make sure that the drivers license, pay-stub, social security information match up.

3. Date of Birth: Obtain a birth date for each person and likewise verify the with IDCheck or Credit Report.

4. Driver license Number and State: Know what a valid license looks like and examine the driver license for genuineness. Be sure to check the full name, the address, the date of birth, the driver license number, the signature and most of all, the picture. Compare all these items with the data on the rental application form and with the physicality of the applicant. Also IDCheck will verify the applicants drivers license number and state of issuance.

5. Employment History: Get the business's name, supervisor's name, phone number and business address. Ask for copies of applicants pay stubs. Confirm and cross-reference all information with original application. If the prospective tenant is self-employed, ask for copies of tax returns. IDCheck may provide the name & date of Employement.

6.Reference Verification:Have at least three references of persons who know the applicant for a minimum of three years. Make sure the references are checked and confirmed. Although most references will not say something bad about applicant, references can be used as good sources for skip tracing should it be needed later.

7. Landlord History; Movement Patterns: Get the names, addresses and telephone numbers of last three Landlords. It is important to check present and prior landlords, however our professional screeners our careful as present landlord may not provide negative information in order to get rid of problem applicant. IDCheck also reports all addresses on file for applicant for the last 10 years.

To see the rest of the article you can go to http://www.verifytenant.com/Documents/TenantTIPS.pdf