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Re: French Credit Reports
Submitted by Mark Andrews on 01/Nov/2008 in reply to French Credit Reports posted by Bonnie on 01/Nov/2008
Message:
Hi Bonnie
There is no information exchanged between the United States and France as to credit history, loans taken out and repaid or not, etc.
The French require a large amount of supporting information to open a Bank account in France. Financial decisions are not based on a credit score, Instead they are based on your past financial history as evidenced by your pay slips, and your ability to continue paying, shown by your work contract. No real Credit Reporting system is in place that I know of, like in the US.
There is bankruptcy in France, although it remains relatively rare. l’interdit bancaire or when you no longer have the right to have a bank account, is considered very serious. People will often go to drastic measures to avoid it, because you are then forbidden from having a bank account for five years.
In France, it's nearly impossible to spend money you don't have. French credit cards are essentially debit cards that are linked to a Bank Account.
You should ask your prospective tenants for the following:
1. International Drivers License, or a valid one from their Country.
2. Copies of their “Work VISA” or any INS Documents secured to come into the US.
3. Copies of their French Bank Accounts. (If they do not have a French Bank Account, that might be considered a negative item … see above)
4. Verify any and all contacts in the US, and keep the info in your files.
5. Do an OFAC search. (we charge for them, but I found a free OFAC search site here: http://www.creditbureauconnection.com/login.htm
6. Require a deposit equal to what you would charge for a person with NO credit history.
7. Require a US Citizen Co-signer.
8. Only sign a 3-month lease, to see how they are as tenants.
Please be advised that I am not an expert on the French Credit System, and the above items might be just a few things you can do to protect yourself. I hope I have been some sort of help to you.
Mark Andrews
Landlord Info Systems
www.landlordinfosystems.com
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