Finding dependable, trustworthy tenants is a short-term undertaking that offers long-term returns. The search process includes a credit check, criminal check, and previous tenant history.
There are many reasons to run a credit check. It reveals the current financial situation of the person and their credit history. Does the possible tenant have a history of paying bills promptly or have they had accounts sent to collections? Did they make a bankruptcy filing before? You need this information to get a good insight into the kind of tenant an applicant can be. You can easily check bankruptcies on individuals filed in the United States Federal Bankruptcy courts by using Microbilt’s Bankruptcy Search tool. This tool will give you access to related bankruptcy records and filing details of a person.
Can you reject an Applicant with Previous Bankruptcy Filing?
As a landlord, you have the right to set specific tenant selection criteria based on valid business principles without discrimination. Thus, you can legally reject any applicant who has previously filed for bankruptcy but this should be a consistent practice. This means that your “no bankruptcy” policy should apply to all applicants.
How Microbilt’s Bankruptcy Search Tool Can Help You Screen Tenants
Microbilt offers a set of tenant screening tools for landlords. With their tools, you can easily get information about a person before you make a legal agreement with them. The tools let you access important data conveniently at your fingertips. Aside from the bankruptcy search tool, Microbilt also has other tools to let you run a comprehensive check on tenant credibility. You can get information on public record filings on a person, disclose any criminal history, check identity and detect fraud, as well as confirm their ability to make payments. With Microbilt’s instant screening tools, you can easily access consumer credit report histories and eviction database searches.
As a landlord, you want a tenant who has a good history of credit management. A bankruptcy filing indicates that a person failed to meet his financial obligations during a particular period. And you don’t want to take a chance. But, a lot of landlords set financial criterion that offers some flexibility in assessing bankruptcy filings. You might want to pay more attention to the credit management history of the applicant since the bankruptcy filing. To help you determine your risk, you must consider how long the bankruptcy was filed, the current source and stability of income of the applicant, and the amount of outstanding debt.