Why ResidentScore Is More Useful
Tenant screening is really about understanding one thing: is this the tenant for you?
Property owners know what's at risk when they pick a renter:
- Eviction
- Late payers
- Skipping out on a lease
You need information to help you make the best possible leasing decision so you can continue generating rental income. When looking at your applicants, having their ResidentScore helps you better understand the risks.
SmartMove's® ResidentScore will help you score potential tenants with more precision than a traditional credit score. ResidentScore uses a sophisticated formula to analyze the credit report and produce a score between 350-850. Where your applicant's score falls on the scale can help you better assess their risk.
Why is a tenant ResidentScore better than a credit score?
- Credit scores are used to predict the outcome of a loan, not rental performance
- ResidentScore is designed specifically for tenant screening by TransUnion
Unlike other scoring models, TransUnion's ResidentScore is powered by a sophisticated analysis of more than 500,000 actual resident records.
Key Points
- More peace of mind
- Thorough payment history info
- Tailored for rental screening
- Landlord-friendly format
SmartMove's screening services uncover a predictive ResidentScore.
As a landlord you’re looking for a report to help minimize problems with your rental property. A credit score may do the job, but TransUnion provides information for our rental screening customers that is tailored to their unique needs. SmartMove's ResidentScores give landlords pertinent information about rental applicants; specifically, the reliability and level of risk they may bring. ResidentScore assigns a score from 350-850, with 850 being the best score possible. This score is designed to take credit report data into account when determining a tenant's score.
How it works
We review the tenant's credit history, just like a credit score. But we run the credit history through a different formula to compile a ResidentScore.
Why it's Important
As a landlord, you have to put a certain level of trust in your renters. By educating yourself with the information provided by TransUnion SmartMove's customized credit and background checks, you can make more knowledgeable decisions about your renters. You're not a bank, you deserve more customized information than a credit report alone can provide, which is why TransUnion provides ResidentScores with every one of our tenant screening packages.
Source: https://www.mysmartmove.com/SmartMove/landlord-credit-check-service.page