Apr
26
Credit background check and banking check for commercial retail store lease?
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I m applying for a new retail store space, they require credit check.
What will be their primary search target?
Will they check to see how much I have in the bank?
What kind of credit score consider qualfied?
above 700?
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1 Comments
April 29th, 2010 at 9:26 am
Yes, your current financial position will be checked however, they are going to check your overall, financial health. It usually goes back 7 - 10 years.
They look for things like:
Have you ever missed payments - especially rent and car. Credit history is first. They are going to see if you have any judgements or leins against you. They are going to check for overdrafts at banks. They are going to check for collection issues. Finally, they will check your criminal record and check you against international databases for watch lists.
Background checks is part of my job.