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Tenant Credit Report

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TenantAlert provides two methods to receive credit reports: TenantAlert Express and TenantAlert Direct.
TenantAlert Express
TenantAlert Express provides FREE credit reports with every tenant screening package ordered for all underwritten customers. Not underwritten? You can still receive a TenantAlert Express report, but we will be unable to provide the credit portion until the underwriting process is completed.
TenantAlert Direct
TenantAlert Direct provides access to credit reports after the applicant provides us with authorization to release their credit file. Once the prospective tenant approves the release of their credit report, we'll unlock it and email you so you can make an immediate rental decision.

The FICO Score

Credit reports may include a Fair Issac scoring model, called a FICO score. A FICO score ranges from 300 to 850, with the higher the score the better.

The FICO Score

This chart, from myFICO.com, shows how the FICO score is calculated:

As a reminder:

The important part of a FICO score is that it uses a mix of information to determine a credit worthiness score. The information available is going to vary from applicant to applicant and therefore will be different for each person.

The FICO score provided will only be based on credit information. No additional information is considered for the score. As a responsible landlord you should be evaluating not only the FICO score but their eviction records, criminal history, and other information available such as TeleCheck and sex offender searches.

Visit myFICO for in-depth information regarding FICO scores.

Information Returned with a Credit Report

  • Name
  • Address
  • Social
  • Employment
  • Merged Trade Lines
  • Bureau-Specific Trade Lines
  • Public Records
  • Score Cards
  • Score Average
  • Collections
  • Credit Summary
  • Open Accounts
  • Closed Accounts
  • Derogatory Trade Lines
  • Late Dates
  • Payment Patterns
  • Account Detail
  • Subscriber Codes
  • Fraud Checks
  • Bureau-Specific Messages

Sections of a Credit Report

Here's a brief outline of what is included in a credit report. Not all credit reports will include all sections. Some consumers may not have credit, or may have perfect credit and no collection information or public records. Every prospective tenant will have their own unique credit report and it may or may not include these sections:

  • Credit Profile Summary
    Get 17 key calculations from the Credit Profile report, giving you a true picture of a consumer's debt, monthly obligations and payment history.

  • Scorecards
    Credit reports may include a Fair Issac scoring model, called a FICO score. A FICO score ranges from 300 to 850, with the higher the score the better.

  • Personal Information
    Displays current and previous addresses, date or birth, and a social security number.

  • Employment Information
    When shown, provides the ability to quickly verify against the rental application.

  • Collections
    If the applicant has accounts placed with a collection agency, they will appear here.

  • Public Records
    Shows tax liens, judgments, bankruptcies, and other court documents.

  • Tradelines
    Provides all lines of credit which may include credit cards, utility companies, auto loans, and more.

  • Inquiries
    Creditors or potential creditors who have accessed the applicant's credit

  • Account Detail Decode
    Shows additional information to decode who a creditor is and usually includes an address and phone number.

  • Warnings
    Also called FACS+, it identifies potential fraudulent activity when an applicant's data is cautious, high-risk or non-residential

 

 

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