I recently bought a property to rent out. What legal checks should I do when I consider potential tenants?I recommend that property owners perform a credit check on all adults over the age of 18 applying to rent their property. In terms of the National Credit Act, you must obtain the consent of each applicant before accessing their credit report, preferably in writing.
If the applying tenant refuses to provide consent, you are not entitled to access their credit report. In this case, I recommend that you decline the application. In this day and age, it is also critical to protect yourself against rental fraud, which requires that you verify an applicant’s identity as their own. To do this, you can perform an ID verification check which authenticates an applicant’s name, marital status and photo in real time.
Some service providers offer an antifraud identity biometric verification that includes a live selfie check to validate the applicant’s identity against records at the department of home affairs. You can also do a bank account verification where an account is confirmed as open, active and linked to the specified applicant by the bank itself.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
YOUR MONEY: How to make sure your tenant is legitSafeguard yourself from unpleasant surprises by doing credit and ID checks on potential tenants.
Source: FinancialMail - 🏆 20. / 63 Read more »