When you’re looking for a new place to rent, it’s important to be prepared to ensure a smooth application process. As a potential tenant, you’ll need to fill out a rental application, provide pay stubs, and share credit reports and rental history reports with prospective property managers.
These are all pretty standard to-do items in the tenant screening process. Many landlords will ask for this information and review tenant applications to ensure they find high-quality tenants to sign lease agreements with. After all, landlords want a good tenant to reduce risk, so they use tenant screening reports to help them make informed decisions.
As a tenant, you can control the rental application process by viewing the rental history report to ensure it contains accurate information and proactively correct any errors.
To help you, we’ve outlined everything you need to know about rental reporting. You’ll learn what a rental history report is, how property managers use the information in a rental report to make decisions, and how to make your report stand out. We want you to secure the rental property of your dreams, and a clean rental history report is the first step to signing a lease agreement.
What is a rental history report?
So, what is a rental history report? As the name suggests, this is a historical report that outlines your life as a renter. Rental history reports help paint a picture of a tenant’s past behavior. It displays tenant data such as previous addresses, how long you lived in your previous rental unit, and how much rent you paid.
It will also outline information such as property damage, late rent payments, or eviction history (if applicable). A rental history report may also include contact information for your previous landlords.
Learn how property managers use credit reports and rental history reports
In a hot rental market, landlords sift through hundreds of lease applications and tenant application packets trying to find potential tenants for their rental properties. At the end of the day, small landlords and property management companies alike just want to find tenants who pay their rent on time, keep their rental property clean and tidy, and be reliable, easy-going neighbors.
A property management company or owner-operator will analyze a few things to find good tenants. They will look at income insights, credit reports and rental history.
revenue insights
Typically, landlords will ask to see information such as pay stubs and employment history to see how much a potential tenant makes and whether their source of income is stable. These income insights assist landlords in determining whether a rental applicant can truly afford the monthly rent.
If you’ve been saving money, it’s worth sharing that message with potential landlords, as most landlords won’t necessarily see it.
Credit Report Insights
The three major credit bureaus, such as Experian, Equifax, or TransUnion, will run credit reports that highlight a potential tenant’s credit history. A credit report shows your bill payment history, current debts, and other relevant financial information. If you have a criminal background, this may also show up on your credit report insights.
Prospective landlords will look at your credit report and credit score and use this information to decide whether you are a good candidate to rent. These screening reports are a way to understand a person’s financial history using a standardized process.
Rental History Report Insights
Most landlords will use your rental history as part of their tenant screening process. It’s a quick and easy way to view your tenant’s rental history, view rent payment history, and rent history check.
This also allows landlords to spot discrepancies between your rental application and rental history reports. For example, if you write that you have rented a single-family home for three years, but your rental history report shows two years, that may raise a red flag. Prospective landlords may contact your previous landlord to confirm, or they may reject you out of hand.
This example highlights why it is important to check your own rental history before submitting a rental application. Previous landlords may have communicated incorrectly, but if they don’t, you could be losing out on a great rental property because your messaging is inconsistent.
How to find your rental history report
Now that we have defined the Rental History Report and discussed how to use it during the tenant screening process, let’s talk about how to obtain a Rental History Report yourself.
The Fair Credit Reporting Act allows consumers to obtain free reports for review. However, it is worth asking your potential landlord which reporting agency they use, as there are several companies that can produce tenant screening reports. Landlords can choose their preferred tenant screening service, as there are several online rental management tools that pull rental history.
Once you receive a copy of your rental history report, you can review it and update it as needed.
How to filter your own rental history report
You can bet the landlord will do a rental history check. Therefore, it’s wise to check your rental history yourself and resolve any inaccuracies ahead of time. Since you have the right to check your rental history for free, you should take advantage of it. Here are some steps potential tenants can take to update their rental history report.
Check date
This may seem like a small detail, but it’s important to fill in the dates correctly to show how long you’ve been renting the property. Make sure the dates on your rental history report match the dates on the previous rental agreement. Previous landlords can help you confirm this information.
Review rent payments
Tenant reports can show whether, how much, and how often you are behind on rent. If you have one late payment within a 12-month period but your rental history shows three late payments, you will need to contact your previous landlord to resolve this information and have it corrected immediately. Alternatively, if you lost your security deposit due to damage to your apartment, you could discuss the matter with your previous landlord, compensate them and ask them to remove the defect from your rental history report.
resolve any complaints
From minor complaints to pending litigation, it’s important to proactively resolve any issues immediately. Potential landlords will be less willing to rent to someone if a tenant’s rental history report is filled with negative complaints.
fill the gap
If a period of time is missing from your rental history report, you will need to account for this. Let’s say you move in with a relative for a year to save money – that’s fine. However, a year without rental history will look like a hole in your record. Add a note to this so you have a clear idea of where you were during the year you didn’t rent.
Check your rental history report before filling out a rental application
Rental history information shows your story as a tenant and who you are as a potential tenant. It’s an easy way for property managers to see which rentals you’ve lived in, how much rent you’ve paid, and whether you have past-due rent or have been evicted before.
To ensure you look your best when filling out your rental application, take some time to review your rental history report, check for accuracy, correct any errors, and submit an application that makes you look better than other applicants tenant.
