Cracking the Credit Check

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Are you the Perfect Tenant?

One in two South Africans has an impaired credit record, and yet they need somewhere to live too. Many landlords will accommodate those with bad credit records, depending on their particular circumstances. It is important to note that each investor landlord will have their own appetite for risk resulting in the level of impaired tenant they are willing to take a chance on.

If you have a bad credit record, the most important thing to do is to ensure you avoid any further impairment and ensure that you are managing your current credit. Multiple judgements and defaults will be taken into consideration and viewed as ‘habitual’ when your profile is being checked.

The type of default on your profile is also important and will reflect on you as a tenant. People tend to settle their phone bills first, followed by their car payments and home loan or rent. The things that tend to be left for last are micro loans and unsecured finances, as often people default on these accounts first. It is vital to note that these impairments will definitely be taken into account and viewed as warning signs, even if you do pay your rent regularly. To continue reading click here…

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