What credit score, if any, do you require when screening tenants?

[Aaron DiCaprio]

Looking for some insight from the BP community. What specific credit score, if any, do you require when screening tenants?  And are you no longer using a specific credit score in light of concerns with Fair Housing, Fair Credit and other laws?  Your feedback is appreciated.

Thanks,

Aaron

[Austin Thompson]

Credit scores aren't really that great of an indicator of creditworthiness. Honestly, getting a history of their accounts/payments/etc gives you a much better view than just a score. We ask for 600, but a score below that isn't an automatic denial, we may just ask for some more documentation. 

We run applications on a 4-point system:

- Credit over 600
- Criminal/Eviction Background Clear
- Homeownership/Positive Landlord Reference
- 2+ Years of Employment History

If they meet all 4, then great! They're approved on a 1-month deposit. 

If they meet only 3 of them (let's say their score is below 600), then we'd ask for additional income documentation (like their previous year's tax paperwork to show their full yearly income). There's also a $200 Credit Approval Fee that covers the further research into their credit history and additional screening with added documentation. 

If they meet only 2 of them (credit below 600 and a negative criminal background item, like writing a bad check) then we'd charge a 2-month deposit. 

If they only meet 1, then they're denied. 

Being able to run the applications in this manner really helps ensure that each application review is as far detached from personal feelings as possible. Makes it a very straightforward and fair process for anyone and everyone.