Tenant Credit Checks have arrived

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Oct 19th, 2020 6:00 pm

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Oct 8th, 2020 11:59 am

Holystone [OP]: Deal Addict; Oct 24, 2016; 1502 posts; 1617 upvotes; ON

Oct 8th, 2020 11:59 am

Tenant Credit Checks have arrived

My apologies if this has been discussed before. Received an email from Landlord Credit Bureau today. Just want to put this out in the hopes that more landlords will take advantage of this and do credit checks before taking on a tenant. $15 is a small amount if it helps in avoiding the habitual bad tenants. There has been another service called Tenant Verification Service (TVS).

NEW from Landlord Credit Bureau.
Instant, long-form credit reports that include score and trade lines. Just $9.99 per report.

Only 50% of landlords use credit checks as a factor in selecting a new tenant.

LCB makes it affordable, fast, and simple to use this powerful screening tool.

Let our credit checks help with your decision for the right future tenant.

Choose the Right Tenants

How does pricing work?
Premium Members pay $9.99 per report
Free Members pay $14.99 per report

What is included in LCB's credit check?
Full long-form report includes score, addresses, employment, credit accounts (trade lines), current payments, late payments, debts, collections and inquiries

A credit check can give you better insight into your applicant.

There are many reasons you should do a credit check as part of your tenant screening process. As a landlord, you want to know if a tenant is conscientious with their finances and if they will pay on time. A tenant credit check will tell you if a tenant has any delinquent payments, collections, or any other financial missteps.
Payment Habits
Outstanding Debts
Collections

”If you buy things you don’t need, soon you will have to sell things you need.”

13 replies

Oct 8th, 2020 12:22 pm

moeymoeymoeymoe: Sr. Member; May 7, 2015; 844 posts; 1342 upvotes; Toronto, ON

Oct 8th, 2020 12:22 pm

That’s cool as a landlord I think this will help me.

If I were ever a tenant I’d steer clear of landlords doing this.

Weird huh

Oct 8th, 2020 12:29 pm

teoconca: Deal Guru; Oct 16, 2008; 10892 posts; 5083 upvotes; Maple

Oct 8th, 2020 12:29 pm

OP,

Is there a link to this site?

...

Oct 8th, 2020 12:32 pm

Piro21: Deal Expert; Nov 15, 2004; 21082 posts; 4764 upvotes; Toronto

Oct 8th, 2020 12:32 pm

This company sounds shady AF. Why would anyone use them instead of Equifax or Transunion?

+3

Oct 8th, 2020 12:44 pm

Holystone [OP]: Deal Addict; Oct 24, 2016; 1502 posts; 1617 upvotes; ON

Oct 8th, 2020 12:44 pm

Piro21 wrote: ↑ This company sounds shady AF. Why would anyone use them instead of Equifax or Transunion?

Can an individual landlord approach Equifax or TU for a credit report even if you have prospective tenant's consent? I thought you had to be a business.

”If you buy things you don’t need, soon you will have to sell things you need.”

Oct 8th, 2020 12:46 pm

Holystone [OP]: Deal Addict; Oct 24, 2016; 1502 posts; 1617 upvotes; ON

Oct 8th, 2020 12:46 pm

teoconca wrote: ↑ OP,

Is there a link to this site?

https://landlordcreditbureau.ca/

Edited to update the link to the Canadian site

Last edited by Holystone on Oct 8th, 2020 12:53 pm, edited 1 time in total.

”If you buy things you don’t need, soon you will have to sell things you need.”

+2

Oct 8th, 2020 12:51 pm

Holystone [OP]: Deal Addict; Oct 24, 2016; 1502 posts; 1617 upvotes; ON

Oct 8th, 2020 12:51 pm

At first glance, doesn't look to be shady but would be interesting to hear from people who have used this service.

From their website:

Founded in 2012, the Landlord Credit Bureau was established by a retired RCMP officer who specialized in fraud prevention and a retired corporate lawyer turned technology entrepreneur. Both frustrated by their own experiences as landlords, LCB shines a spotlight on good and bad tenant behavior.

Our mission is to improve the businesses and lives of landlords, property managers and responsible tenants. Landlords spend most of their time dealing with the lousy 10% of tenants who cause all of the problems. They rarely hear from the fantastic 90% of tenants and rarely have time to do something nice for them.

LCB is working to change that dynamic. The Landlord Credit Bureau is the rental industry’s partner, here to advocate for all landlords, property managers, tenants and property technology companies seeking to improve the industry.

The Landlord Credit Bureau is a reporting agency in Canada. LCB complies with, and in several instances has worked to exceed, the protection requirements for tenants under governing legislation. We help landlords and tenants prosper.

”If you buy things you don’t need, soon you will have to sell things you need.”

Oct 8th, 2020 1:29 pm

raxen: Sr. Member; Feb 14, 2005; 831 posts; 612 upvotes; Toronto

Oct 8th, 2020 1:29 pm

Holystone wrote: ↑ Can an individual landlord approach Equifax or TU for a credit report even if you have prospective tenant's consent? I thought you had to be a business.

Yes. TVS allows you to do this - don't have to be a business, and provided you have the tenant's written consent to running the TransUnion or Equifax report.

Otherwise, I agree to all your other points on why all landlords should be doing this.

+1

Oct 8th, 2020 4:49 pm

TravelStarr: Deal Guru; Sep 6, 2002; 11091 posts; 4653 upvotes

Oct 8th, 2020 4:49 pm

When I had a prospective tenant I used www.rentcheck.ca which I have no affiliation. I had to print some form and have the bank sign it but I could run my tenants credit. In of course got her consent but this is nothing new. You need to become a member and pay a little bit but it’s worth it. I cancelled after I did my checks.

I could see all credit card debt. I can’t recall if it included employment but it had a lot of details.

I wouldn’t trust a tenant giving me their credit record. Super easy to forge in even paint. I’ll pull. The cost is irrelevant considering it’s price vs rent

Autocorrect sucks

+2

Oct 10th, 2020 2:35 am

Fantastical: Deal Addict; May 23, 2006; 1660 posts; 669 upvotes; Vancouver

Oct 10th, 2020 2:35 am

I use Naborly (which includes a credit check), but some tenants don't like it as it's a bit too invasive.

https://naborly.com/

+4

Oct 12th, 2020 6:38 am

afshaikh: Deal Addict; May 5, 2007; 1199 posts; 551 upvotes; North York

Oct 12th, 2020 6:38 am

How did you find naborly?

I didn’t do proper credit check and now I’m paying for it.

Oct 18th, 2020 5:31 pm

jayde636355973977639997: Newbie; Oct 16, 2020; 2 posts

Oct 18th, 2020 5:31 pm

raxen wrote: ↑ Yes. TVS allows you to do this - don't have to be a business, and provided you have the tenant's written consent to running the TransUnion or Equifax report.

Otherwise, I agree to all your other points on why all landlords should be doing this.

Seems TVS requires a $50 setup fee, and credit reports are about $25 each. If I go direct to Equifax or TransUnion, it seems I can purchase a monthly service to view my own credit reports only.

Also, is it worth paying a one time membership to a sight like "http://servicesforlandlords.com/bc/". This claims if we register a new membership for a one time fee or $99 or $199, we can get credit reports for $10. This comes up in the searches I do, but the website itself shows that the Connection is not secured, and I am unable to find any contact us or email info to inquire more about the membership. There are also no dates on the website to indicate how recent the info is, and any discussion forums I can find regarding reviews on this website is dated for 2008. Is there anyone with any experience or feedback regarding the service or the usefulness of this membership for this website which they can share? I am curious if the credit report feature is worth the membership in terms of what is reported, and what is the actual cost?

Much appreciated!

Oct 19th, 2020 11:43 am

dirtmover: Deal Fanatic; Nov 2, 2005; 5125 posts; 2431 upvotes; WFH

Oct 19th, 2020 11:43 am

jayde636355973977639997 wrote: ↑ Seems TVS requires a $50 setup fee, and credit reports are about $25 each. If I go direct to Equifax or TransUnion, it seems I can purchase a monthly service to view my own credit reports only.

Also, is it worth paying a one time membership to a sight like "http://servicesforlandlords.com/bc/". This claims if we register a new membership for a one time fee or $99 or $199, we can get credit reports for $10. This comes up in the searches I do, but the website itself shows that the Connection is not secured, and I am unable to find any contact us or email info to inquire more about the membership. There are also no dates on the website to indicate how recent the info is, and any discussion forums I can find regarding reviews on this website is dated for 2008. Is there anyone with any experience or feedback regarding the service or the usefulness of this membership for this website which they can share? I am curious if the credit report feature is worth the membership in terms of what is reported, and what is the actual cost?

Much appreciated!

You're correct to be concerned. An organisation with no contact info is a red flag. Based on the content of the website they seem to have a connection to the Ontario landlords association, another sketchy outfit with no contact info. I know first hand that the only thing they have to offer is discounted credit reports through TVS. You may get value from the reports but other than that they have nothing to offer.

Oct 19th, 2020 6:00 pm

jayde636355973977639997: Newbie; Oct 16, 2020; 2 posts

Oct 19th, 2020 6:00 pm

dirtmover wrote: ↑ You're correct to be concerned. An organisation with no contact info is a red flag. Based on the content of the website they seem to have a connection to the Ontario landlords association, another sketchy outfit with no contact info. I know first hand that the only thing they have to offer is discounted credit reports through TVS. You may get value from the reports but other than that they have nothing to offer.

Thanks for the feedback. Have you any experience registering as a member to either of these organizations - even if just to use the discounted credit report service? I am really just wanting the ability to do adhoc credit checks for prospective tenants, but there does not seem to be an inexpensive way to do this other than joining these sketchy organizations. Any suggestions as to how I can access a credit checking service for tenants that does not require an annual membership and set up fees since I don't expect to be using this all the time? Much appreciated!

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