Many creditors don't realize that a standard credit check from one of the big 3 agencies has much to be desired.
Rental Credit Checks provides extremely valuable reporting and data sources for properly evaluating the credit worthiness of a rental applicant. There is no point in conducting an investigation of a credit or tenant applicant unless you have current up-to-date data that is comprehensive and is derived from national sources. We know of many creditors who mistakenly rely upon poor sources of information to make decisions and very often find themselves on the losing end of the transaction.
Rental Credit Checks is devoted to helping you eliminate risk and increase the profitability of your business operations. For example, any of our clients are involved in with residential and commercial real estate leasing. Evaluating an individual or company for credit worthiness is often accomplished through a traditional method of pulling a credit report from one of the big three agencies: Experian, TransUnion and Equifax. Unfortunately, the dirty little secret that most people don’t know is that these agencies are plagued with faulty data and often provide incorrect and incomplete information. Furthermore, a FICO score is a horrible way to access different types of applicants. This is especially true when it comes to potential tenants who often don’t have the highest credit scores. Take for example, a bankruptcy filing will be very detrimental to the credit score of the applicant. Yet, there are many excellent tenants who have received a discharge in a bankrutpcy in the recent past. Many of these individuals make for especially good prospects even though they have a very undesirable credit score. The bright side is that many of these folks are taking full advantage of the “fresh start” afforded by a bankrutpcy filing and are working diligently at rebuilding their credit. Additionally, another advantage is that all of their debts have been wiped clean and they have a far greater ability to meet their obligations and make timely payments.
On the other side of this issue are those who dwell on the dark side and make a living from defrauding people. Many of these unsavory individuals tend to have a past record littered with many judgments and even a criminal history. This is why it is so important to thoroughly investigate the rental applicant far beyond obtaining a credit report. A huge issue for the credit reporting agents is that their data often fails to report judgments, liens and key items such as incorrectly listing key credit events. And unfortunately, those who are seeking credit rarely disclose these items on their rental application.
