Credit reports for employee screening are delivered direct from TransUnion®, a trusted credit reporting agency that handles millions of credit files domestically. As applicable, the following may appear in a credit report:
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**The Criminal Report, Eviction Related Proceedings Report and SmartMove recommendation service (a credit score based recommendation) are subject to federal, state, and local laws that may limit or restrict SmartMove's ability to return some records or recommendations. Certain jurisdictions may limit what records are eligible for return, click here for more information.
✝ Based on a 2016 TransUnion Survey:
A review of a TransUnion SmartMove® report results in a soft inquiry on the applicant’s credit history, which has no effect on their overall credit score.
You'll get the insight you need to make an informed leasing decision by accessing the context behind the score.
The tenant screening process is completely online, it's accessible whenever it's most convenient for you.
A credit report is a statement that covers an individual’s credit history and is issued by a credit bureau like TransUnion. Credit reports contain information submitted by creditors, such as credit card companies, lenders, debt collectors, and other financial institutions. Information on a credit report is then used by a wide range of parties, such as banks, lenders, businesses, and landlords, to assess the financial risk of an individual.
For example, landlords review a potential tenant’s credit report to determine whether they have a clear payment history and steady income to afford monthly rental payments. On the other hand, a bank may look at a person’s credit report to assess whether they’re suitable for a loan and what interest rate to provide. Knowing how to read a credit report can help you assess the financial history of a prospective tenant to make an informed rental decision.
A credit report can provide a landlord with important information that can be used to make a responsible leasing decision. There are also several warning signs on credit reports that you can identify to avoid renting to the wrong tenant. With that said, there are several reasons why credit reports for landlords can be useful, such as:
Assess financial responsibility: Credit reports provide information such as payment history and outstanding debts. When you run a credit report for a tenant, you can assess whether they’re financially responsible and can afford to make monthly rent payments on time.
Remain compliant: Reviewing a prospective tenant’s credit report comes with several legal implications, such as obtaining consent to run a credit screening and keeping information confidential. Using a tenant screening service can help ensure you remain compliant with state and federal laws to protect both yourself and the applicant.
Avoid non-payment of rent: One of the primary reasons credit reporting for landlords is important is to avoid non-payment of rent. Credit reports can help landlords gauge whether a rental applicant will likely make rental payments in full and on time to avoid financial losses and prevent the need for an eviction.
Credit reports help paint a clear picture of their financial history and responsibility. To make this possible, tenant screening assesses a wide range of information that can help landlords make more informed leasing decisions. Some information you can find on a prospective tenant’s credit report include:
The cost of running a credit report for a tenant can vary depending on various factors, such as the screening service you choose and the credit check process. At SmartMove, we have several tenant screening bundles to choose from that can match your budget, so you can screen potential renters without digging into your bottom line. With SmartMove, you also have the option of passing on the cost to the rental applicant, allowing you to save more money. When it comes to checking a prospective tenant’s credit, we offer affordable solutions so you can get a better understanding of an applicant’s credit history at an affordable cost.
Yes, in order to run a prospective tenant credit check, you need to gain consent. The Fair Credit Reporting Act (FCRA) established a set of guidelines that credit reporting agencies need to abide by to protect consumers from unfair credit reporting. One of the main regulations established by the FCRA is obtaining consent from a consumer to conduct a credit screening. Additionally, tenants are entitled to a copy of their credit report if they request it. Both landlords and applicants receive copies of the credit report, and credit screening only begins after the applicant has provided consent.
There are many benefits of online tenant screening, and tenant screening can help landlords make better rental decisions in a variety of ways. By reviewing a prospective tenant’s credit report, landlords are able to assess their financial risk to determine if they can make monthly rental payments. Along with helping landlords avoid non-payment of rent, tenant screening can also help landlords find responsible tenants who can keep their properties safe.
Tenant screening with SmartMove not only provides an in-depth credit report and ResidentScore, but you can also view criminal history, income insights, employment history (where available), and more, depending on the package you choose.
If you’re a landlord or property owner, one of the last things you want is a vacant property that is losing you money. With SmartMove credit reports for landlords, you can get results within minutes. To run a prospective tenant credit check, your first step is to register and create a free SmartMove account. From there, you can send a screening request to a rental applicant to gain consent. After the applicant provides consent and verifies their identity, the applicant completes our simple application, and then our software will comb through over 500,000 resident records and provide results within minutes. This way, you can make an informed leasing decision on the spot and fill vacancies fast.