Value of the Credit Report - True Story

July 27, 2009

Tony Cole called the McGill Terrace Apartments on the South Side, home since February 2008. Federal rules say Cole could only live in the subsidized studio apartment if he made less than $24,000 a year. However Cole held a $48,000-a-year executive assistant position in the County Building and received a raise to $58,000 annually.

Cole doesn't make monthly payments to live in the HUD apartment even though he makes $60,000 a year because on federal documents Cole reported he had ZERO INCOME.

This story is a prime example of why it is vital to run a credit report on every current or potential tenant. Many property mangers express that running a credit report is a waste of time and money because EVERYONE these days has bad credit. Credit Reports do more then verify if an applicant has good credit or bad credit. A credit report will help you uncover unreported income your tenants maybe hiding. For instance, if a tenant claims zero or very low income but the credit report shows up-to-date payments, this indicates the tenant is incorrectly reporting his/her income.

Had a credit check been performed on Mr. Cole, they would have noticed immediately that his statement of claiming he had ZERO INCOME was false, by comparing actually monthly expenses vs. his reported income.

Tenant PI’s web-based, tenant screening application gives you secure and instant access to a credit report, including a credit summary for only $2.95. Tenant PI also offer additional features to the our credit report;

Credit Scores
Hawk Search
Hawk Hit
OFAC
Creditor Contact Information
Year of Issuance

To learn more about TPI’s credit reports click here or contact us at 1.800.260.0079.

Story Information by: CBS 2, Chicago, IL
http://cbs2chicago.com/




Subscribe to News RSS Subscribe to Blog RSS	« Back to Blog Value of the Credit Report - True Story July 27, 2009 Tony Cole called the McGill Terrace Apartments on the South Side, home since February 2008. Federal rules say Cole could only live in the subsidized studio apartment if he made less than $24,000 a year. However Cole held a $48,000-a-year executive assistant position in the County Building and received a raise to $58,000 annually. Cole doesn't make monthly payments to live in the HUD apartment even though he makes $60,000 a year because on federal documents Cole reported he had ZERO INCOME. This story is a prime example of why it is vital to run a credit report on every current or potential tenant. Many property mangers express that running a credit report is a waste of time and money because EVERYONE these days has bad credit. Credit Reports do more then verify if an applicant has good credit or bad credit. A credit report will help you uncover unreported income your tenants maybe hiding. For instance, if a tenant claims zero or very low income but the credit report shows up-to-date payments, this indicates the tenant is incorrectly reporting his/her income. Had a credit check been performed on Mr. Cole, they would have noticed immediately that his statement of claiming he had ZERO INCOME was false, by comparing actually monthly expenses vs. his reported income. Tenant PI’s web-based, tenant screening application gives you secure and instant access to a credit report, including a credit summary for only $2.95. Tenant PI also offer additional features to the our credit report; Credit Scores Hawk Search Hawk Hit OFAC Creditor Contact Information Year of Issuance To learn more about TPI’s credit reports click here or contact us at 1.800.260.0079. Story Information by: CBS 2, Chicago, IL http://cbs2chicago.com/	Tenant PI puts credit reports, nationwide criminal background checks and unique landlord history reports just one click away.