In most cases, a landlord does a credit check of a potential tenant. But before you sign a lease, LandLordStation.com recommends that you do a landlord credit check on your landlord. Ask yourself what could happen if you know nothing about a potential landlord, and you do not obtain a credit check for landlords.
If you are looking for a rental property on a website, or from an ad in a newspaper, and no not obtain a landlord credit report, you leave yourself open to a variety of scams which are well-known by law enforcement agencies in every state. Even if a landlord legitimately owns a property, how do you know that the landlord is current on his, or her, payments on the property without a landlord credit check?
When you do not use a landlord credit check service and the rental property you live in goes into foreclosure, you will probably be forced to move out. If your landlord goes into bankruptcy, you could lose your security deposits and any up-front rental payments. A landlord credit check from LandLordStation.com could help you avoid this situation.
Even if the property does not go into foreclosure, but your landlord is having any financial problems, you may suffer from issues such as the landlord failing to do property maintenance. A credit check for landlords can help you avoid these concerns. If your landlord refuses to do repairs, or maintenance, on the property because he or she cannot afford them, you may have to move. In a case like that, you leave yourself open for potential problems with a broken lease, or unexpected moving costs.
A landlord credit check will also keep you from being a victim of fraudulent ads on websites, or in newspapers. Many times a wonderful property listing is advertised with gorgeous photos of the property. The “landlord” claims that they live in another state, or a foreign country, and that you need to provide money up front for a “holding fee” until they can arrange for someone to show you the property. Of course, you never get to see the property and your holding fee is gone for good. There is seldom a way to prosecute these crimes and the money is almost never returned to the victim. Some people have even sent deposits and prepaid for rentals to these “absent landlords”. A landlord credit report from LandLordStation.com will save you from this loss.
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