Is it OK to require a credit check from a roommate?
katie w asked:
I’m renting a room in my house and I’m loosing applicants, I suspect because I require a credit check, and application. Does anyone bring a stranger into their house without asking them to fill up a basic application?
RORY
I’m renting a room in my house and I’m loosing applicants, I suspect because I require a credit check, and application. Does anyone bring a stranger into their house without asking them to fill up a basic application?
RORY
January 11th, 2010 at 10:39 am
BERNIE
Renters tend to be real flaky and I think you are more than wise to ask for a credit check. I do when I rent a house so it may be more important if they are in your house.
January 12th, 2010 at 3:44 am
LAURENCE
While it’s probably a good idea, I suspect you’re losing applicants because they know they wont pass your credit inspection. I, personally, would have no problem with filling out an application but I might take issue with you peering into my credit. Not because it’s bad (because it isnt—it’s good) but mostly because you would have access to my social security number, as well as some rather personal information about me. Again, that’s probably good information to know if you are renting out a room in your private home to a total stranger, but I see the other side of that fence too. Perhaps you should allow the prospective renter to provide you with a copy of their credit report themselves….they could either get it for free, or for a small fee but either way, it wont count as an inquiry and drop their score any. They could mark out the SSN but leave the name visible. Or maybe they could just provide you with their FICO scores. At any rate, I’m inclined to think that if someone backs away solely on the basis that you asked for a credit report, either they have bad credit or they arent all that interested in renting your room anyway.
January 14th, 2010 at 6:05 pm
MARTIN
I think it’s a great idea to require such, but you may also want to have an idea of what is reasonable once you have someone’s credit in front of you. You may already have that established, but you may want to keep in mind that for most Americans, a great credit score isn’t something we have, especially if we’re renting a room at some house. Do you just look at the score or are you looking at their debt to income? Do collections have a large effect on your decision?
I’m a property manager, we always exclude any debts for medical expenses and any thing having to do with student loans/debts. Its a reasonable thing to ignore. I agree that for their security to bring in their own credit report, that way you can’t get accused of stealing their identity, etc. Another good idea is to run a criminal background check on them if you’re in a state that has public records available for criminal records. Check out my source for a place that may help with that part. Good luck and happy renting.
January 17th, 2010 at 9:34 pm
ANTOINE
Better to lose applicants than get a deadbeat in the house. A credit check is a bit much, but an application to find out if they make three times rent is reasonable. I would want references to get a roommate.