Verifying an Applicant's Financial Information through Tenant Screening

If you find it difficult to verify a rental applicant's financial information by phone through the bank, I have a few suggestions.

Understand banks are bound by strict confidentiality principles that prohibit them from giving you the information you want without following proper procedures. I find it useful to first call the bank and explain what you need and why. The bank will most likely ask you to submit your request in writing, and it may provide its own form.

It is often easier to visit the bank and fill out the form on-site, or at least fax it in. You may also need to provide a copy of the rental application with the applicant's signed consent.

Once you have completed these steps, the bank should then verify the current dollar amount in the applicant's account.

In addition to bank balances, personal references, including former employers and landlords, may also serve as a good source of financial information about your prospective tenant.

Job history, salary and general character references provide key information about an applicant's potential as a tenant, so make as many calls as you need to in order to feel comfortable with your choice before signing a lease.