Hi All,
I’m currently qualifying a tenant/buyer for a LO and have requested a credit file. This is the first time I have been through this process and I’m a bit unsure of what I should be looking for.
How can I use the credit file to my advantage in qualifying my tenants.Any help would be appreciated.
Cheers
Scott
1. See if they have lied to you with thier verbal response to the Question “so how is your credit?”
2. also get them to sign a release of rental records from the last 12 months rental landlord.
Look for any arears, judgements, defaults etc. If you find any, ask their reasons, and maybe seek further proof.
Also look at how many credit cards are listed, and finance applications for radio rentals etc. They could be over committed.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Beeing a Property Manager in a large firm in Adelaide i have found bank records for the last 3 mths very helpful. on these i look for regular withdrawals at gamming venues and direct debits that may be there. I do this to identify problem gamblers, drinkers and people that have regular payments to pay off other debts, ie child support, bad debts, credit cards. I find this so easy to obtain and along with the other information gives me a clear picture of their financial situation.
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