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A commercial lease application enables landlords to assess the creditworthiness of potential tenants before entering a lease agreement. This application helps verify a tenant's business details, such as gross income, expenses, bank balances, rental history, and personal guarantees. Landlords can charge a fee for business credit checks, typically between $50 and $200. The process includes obtaining a completed rental application from the tenant, verifying the business's standing through the state's Secretary of State website, and obtaining the business's Paydex score from third-party services like Experian, which rates from 1 to 100.
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