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Old 12-30-2013, 01:03 PM
 
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What's the typical credit check fee charged for prospective renters and how is that fee usually handled in the case of joint applications (for example, a married couple)? I have a situation where the company that manages the building is saying they will charge two credit check fees (one per person) if they are applying jointly. I can understand that double charge if it's a roommate situation but this is a married couple. It seems the management company is being shady...
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Old 12-30-2013, 01:17 PM
 
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Well even with a married couple each partner usually has a separate credit history and credit score.

From my experience there was never a separate credit check fee to be paid as the broker's fee was large enough (to have had that as part of the broker's flat fee).
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Old 12-30-2013, 01:48 PM
 
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Quote:
Originally Posted by Chava61 View Post
Well even with a married couple each partner usually has a separate credit history and credit score.

From my experience there was never a separate credit check fee to be paid as the broker's fee was large enough (to have had that as part of the broker's flat fee).
Yes, that does make sense that each person has a separate credit history. But what I think the objection/issue here is the amount the management company is charging for the credit checks on each partner. The total fee for the two of them is $200 ($100 per person). The broker says that's too high and I asked a friend that rented places for a bit and said that was really high too. Credit checks don't cost any where near that much to run and in the case of a couple they don't usually double the cost of the credit check. I'm just trying to understand what's typical.
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Old 12-30-2013, 01:56 PM
 
Location: CNY
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I guess different places do things differently, but we were told by someone from hpd/hdc that the credit/background check will be done only for the head of household whose name the apt will be under. We had asked the same question also. So instead of us having to pay $50 we would only pay $25.. hope this helps.
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Old 12-30-2013, 02:07 PM
 
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Quote:
Originally Posted by RoyalChubsta View Post
I guess different places do things differently, but we were told by someone from hpd/hdc that the credit/background check will be done only for the head of household whose name the apt will be under. We had asked the same question also. So instead of us having to pay $50 we would only pay $25.. hope this helps.
Yeah. It does and I'm pretty sure the management company is being shady and overcharging on the credit check fees so they can pocket the difference. Unfortunately, I'm not in control it so I don't know how much leverage I have to negotiate it down. On one hand, I want credit worthy tenants with good history that can pay, and on time, but on the other I don't want them to be gouged by some greedy management company "fees". Preforming two credit checks does not cost that much
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Old 12-30-2013, 02:12 PM
 
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That is an outrageous sum of money. You do realize that you can get your credit report free at www.annualcreditreport.com as well as www.creditkarma.com. A reasonable "processing" charge is $25..any more than that for a free credit report is outrageous..and they should let the management company know that. They can offer to provide their report themselves, or they can provide the management company the 2 free websites I listed....there is no reason to pay at all.

I would voice my complaints all the way to whomever will listen, and then walk from the deal if they insist on that outrageous sum. There are too many places to live to pay such an outrageous amount.
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Old 12-30-2013, 04:05 PM
 
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Quote:
Originally Posted by jad2k View Post
What's the typical credit check fee charged for prospective renters and how is that fee usually handled in the case of joint applications (for example, a married couple)? I have a situation where the company that manages the building is saying they will charge two credit check fees (one per person) if they are applying jointly. I can understand that double charge if it's a roommate situation but this is a married couple. It seems the management company is being shady...


No that is standard these days one per person even if married. Call it a blow for women's equality. I wonder if any of these
other yahoos have tried to rent an apartment lately
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Old 12-30-2013, 04:19 PM
 
2,691 posts, read 4,312,359 times
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Quote:
Originally Posted by SobroGuy View Post
That is an outrageous sum of money. You do realize that you can get your credit report free at www.annualcreditreport.com as well as www.creditkarma.com. A reasonable "processing" charge is $25..any more than that for a free credit report is outrageous..and they should let the management company know that. They can offer to provide their report themselves, or they can provide the management company the 2 free websites I listed....there is no reason to pay at all.

I would voice my complaints all the way to whomever will listen, and then walk from the deal if they insist on that outrageous sum. There are too many places to live to pay such an outrageous amount.
Well I'm not the one paying the fee, it's my prospective tenant and I don't want them to walk away. I just questioned the high fee and wanted some feedback. It's a co-op so I have to play by the rules. It's not even the co-op board that's setting the fee for the credit check, it's the management company. The management company is charging this credit chck fee and an application fee. The co-op board has it's own application fee, which is lower than the one the management company is charging.
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Old 12-30-2013, 04:22 PM
 
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Well if this is a prospective renter for you, and you don't want to lose them, if they balk at the (outrageous) fee, offer to split it with them. If they are paying these crazy credit fees + application fee + another application fee you can imagine that it becomes way too much...I would walk.
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Old 12-30-2013, 06:46 PM
 
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I went with a no fee management company and they charge $100 per applicant. I think it used to be $75. It's pretty clear on their website that all tenants residing in the apartment 18 and over have separate applications. I was okay with it because I almost went with a broker and that would have been way more than the $75 I spent. Yeah, I didn't care.
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