BP tenant application and verifying financials
The tenant application provided by Bigger Pockets has a section for the tenant to list their bank and account # as well as their Visa/Mastercard and #. Im wondering how many people also use this on their application and what type of feedback they get from tenants from having to provide account #'s on the application. Obviously youd be informing them they youre going to pull a credit report anyway but although my credit is very good I think Id be apprehensive about providing this info at the application stage. Any advice would be appreciated.
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The application we use also asks for account numbers. We don't need those during the application phase and prospective tenants are leery to provide it, so we let them know from the start to just put XXXX and then the last four numbers of the account. If they pay their rent at a later time with a personal check, we make a copy of the check before depositing it. If the tenant later changes accounts and uses a different check, we take a copy of the newer check. These check copies stay in the tenant's file, which is kept secure under lock and key. If at a point in time we need to pursue garnishment and the tenant still has the accounts, it would prove useful. Otherwise not.