Managing midterm rentals can be incredibly rewarding, but it comes with its own set of challenges. One of the most critical steps in protecting your investment is conducting thorough background checks on potential tenants. Proper vetting can help ensure that you find reliable, responsible renters, reducing the risk of property damage and unpaid rent. In this blog post, we’ll explore various options for conducting background checks, provide actionable steps, and explain how Shmedium makes the process easier for landlords.
Why Conduct Background Checks for midterm rentals?
Background checks help you:
- Verify the tenant’s identity
- Check for past evictions
- Review criminal history
- Assess financial stability
- Ensure a history of timely rent payments
Options for Conducting Background Checks on midterm rentals
1. Online Tenant Screening Services
Many online services provide comprehensive tenant screening reports. These platforms typically offer a combination of credit checks, criminal background checks, and eviction history.
- TransUnion SmartMove: This service offers a full credit report, criminal background check, and eviction history.
- Zillow Rental Manager: Provides screening tools that include credit reports and background checks.
- TurboTenant: Offers tenant screening that includes credit reports, criminal background checks, and eviction reports.
- Shmedium: Offers FCRA and state-compliant background checks in an all-in-one property management tool for landlords.
2. Credit Bureaus
You can directly request tenant credit reports from major credit bureaus:
- Equifax: Provides credit reports and credit scores.
- Experian: Offers comprehensive credit reports and scores.
- TransUnion: Provides credit reports, criminal background checks, and eviction history.
3. Property Management Software
Some property management software includes built-in tenant screening tools:
- Buildium: Offers tenant screening services as part of its property management software.
- AppFolio: Includes screening tools with credit, criminal, and eviction checks.
- Rentec Direct: Provides comprehensive tenant screening reports.
Actionable Steps for Conducting Background Checks
- Inform the Applicant: Before conducting a background check, inform the tenant and obtain their written consent. This is required by law under the Fair Credit Reporting Act (FCRA).
- Collect Necessary Information: Gather personal information from the tenant, including their full name, date of birth, social security number, and previous addresses.
- Choose a Screening Service: Select a tenant screening service or credit bureau that fits your needs.
- Submit the Request: Provide the tenant’s information to the selected service to initiate the background check.
- Review the Report: Analyze the report carefully, looking for red flags such as past evictions, criminal records, or poor credit history.
- Make an Informed Decision: Based on the background check results, decide whether to approve or deny the tenant’s application.
How Shmedium Simplifies Background Checks
At Shmedium, we understand the importance of thorough tenant screening. That’s why we’ve partnered with TransUnion to provide background checks at no cost to landlords. With Shmedium, you can:
- Access Comprehensive Reports: Receive detailed reports that include credit checks, criminal background checks, and eviction history.
- Ensure Tenant Reliability: Make informed decisions with confidence, knowing you have all the necessary information.
- Save Time and Money: Avoid the hassle of manually conducting background checks and save on costs.
- Full compliant with FCRA: Compliance for background checks vary for each state. We help you stay compliant with the proper disclosures and state-specific regulations.
For more information on how Shmedium can help streamline your rental management process and provide reliable tenant screening, visit our website
