You're a landlord or property manager, and you need to find reliable tenants quickly. You want a screening process that's both thorough and efficient. TransUnion SmartMove might be the solution you're looking for.
Red flags to walk away from
- Incomplete information: If the applicant's report is missing critical details like credit history or criminal records, it's a red flag.
- Discrepancies in data: Any inconsistencies between the applicant's application and the screening report should raise concerns.
- Poor credit score: A significantly low credit score can indicate financial instability.
- Criminal history: Certain criminal records may disqualify an applicant based on your screening criteria.
- Eviction history: A history of evictions is a strong indicator of potential future issues.
Set your budget first
TransUnion SmartMove offers different pricing tiers to fit various needs:
- Basic: Ideal for individual landlords who need essential screening reports.
- Standard: Suitable for property managers handling multiple units, offering more detailed reports.
- Premium: Best for large property management companies requiring comprehensive screening and additional features.
Credit history check
A thorough credit history check is crucial for assessing an applicant's financial responsibility. TransUnion SmartMove provides detailed credit reports that include payment history, outstanding debts, and credit utilization.
Quick test: Verify that the credit report includes at least the last seven years of credit history.
Criminal background check
Ensuring the safety of your property and other tenants is paramount. TransUnion SmartMove offers comprehensive criminal background checks that cover national, state, and county records.
Quick test: Confirm that the criminal background check includes records from all relevant jurisdictions.
Eviction history
A history of evictions can be a significant red flag. TransUnion SmartMove provides eviction history reports that help you identify applicants who may have been evicted in the past.
Quick test: Check that the eviction history report covers at least the last seven years.
Income verification
Verifying an applicant's income is essential to ensure they can afford the rent. TransUnion SmartMove offers income verification services that confirm employment and income details.
Quick test: Ensure the income verification report includes recent pay stubs or employment verification letters.
Tenant score
TransUnion SmartMove provides a tenant score that predicts the likelihood of a tenant paying rent on time. This score is based on various factors, including credit history, eviction history, and criminal background.
Quick test: Compare the tenant score with the applicant's credit score to ensure consistency.
Common mistakes
- Ignoring red flags: Overlooking discrepancies or negative information in the screening report can lead to future problems.
- Not verifying information: Always cross-verify the information provided by the applicant with the screening report.
- Relying solely on credit scores: While credit scores are important, they should not be the only factor in your decision-making process.
Where to learn more
For more information on tenant screening, you can explore resources like peptideScore and eqno. These platforms offer valuable insights and tools to help you make informed decisions.
To recap, TransUnion SmartMove offers a comprehensive tenant screening process that includes credit history checks, criminal background checks, eviction history reports, income verification, and a tenant score. By setting your budget, understanding the red flags, and verifying all information, you can make informed decisions that benefit both you and your tenants.