And we love them! But just like everyone else, we need to make sure we do a thorough background check to make sure we’re getting the best residents we can. More and more immigrants arrive in the U.S every year and 75% of them are looking to rent. Over half of them are college educated and move to the U.S. for employment, have high salaries, and excellent credit.
But how do you screen someone who either doesn’t have a Social Security Number (SSN) or a brand spanking new one?
There are many great companies that provide international credit reports from credit bureaus like Equifax, TransUnion, Experian, and CRIF. Many of them offer real-time screening so you can get the most up to date information. Like a currency exchange, the information they provide can be translated to U.S. standards and regulations across countries. Credit scores, payment histories, employment history, evictions, collections, all of the things needed to ensure a good responsible resident.
Taking advantage of foreign credit information will help DIYers and professional landlords alike. Who doesn’t want to increase their potential resident pool, improve occupancy rates, and reduce operational costs?