Credit Score - Evaluating a score?

[Shaun Palmer]

Does anyone have any good references on how to evaluate a credit score? I always run a score with an application and typically my criteria is 620 because that is usually the cutoff for a lender to offer a mortgage. However, lately it is getting more difficult to find a tenant with a score above 620. I am considering lowering my criteria but I first want to understand what a "score" means in common terms (i.e. If I reduce my criteria to say 570, what does that mean in terms of risk of someone not paying the rent?). I just what to evaluate risk with the credit score. Is this possible and does anyone have a good tool or reference?

[Alex Deacon]

@Shaun Palmer You have to be flexible but not too much. Look at the debt. if the credit is lower than 620 but they have very little debt and good income then that can off set a lower credit score. You can bend the rule a little bit but dont get desperate. Wait it out for the right applicant. If you have to lower the rent then do so. i would rather get less rent to a good applicant then high rent to a suspect one. Trust me its not easy. 15 years of property management and thousands of applications reviewed I still make mistakes.