Credit reports will remain a critical component of a potential renters portfolio of information provided to a landlord and, subsequently, the decision making process.
Waltham, MA (PRWEB) June 18, 2014
Rental properties are increasingly becoming the housing of choice for more and more individuals and families. Renting provides a degree of flexibility and affordability for a populace still recovering from the devastating effects of the recent recession and housing bust. Tenant background checks are still an important piece to the rental process both for the landlord and for the potential tenant. People under the age of 30 are leading the charge as renters, but it is not uncommon for people of all ages to choose renting as the favorable avenue to housing. http://connect.homes.com/2014/05/why-todays-rental-market-is-on-the-rise/
From Homes.com: (May 12, 2014)
Freddie Mac reports that the single-family rental market, not to be confused with multifamily, has expanded 16 percent (almost 3 million units) since the beginning of the recession in 2007. This increase has brought the total homes occupied by renters to nearly 11 million, making it the fastest growing market in America! http://connect.homes.com/2014/05/why-todays-rental-market-is-on-the-rise/
In a press release from TransUnion, recent research confirms the increase in renting and the subsequent importance of consumer credit reports, a key document used in vetting tenants during the screening process.
From TransUnion’s recent press release dated May 12, 2014:
…43 percent of landlords surveyed said they perform credit checks as part of the leasing process and 48 percent of landlords surveyed said the results of a credit check are among the top three factors used when deciding whether or not to accept a tenant’s lease application. Additionally, more than two-thirds (69 percent) of renters surveyed said they will not purchase property in the next four years. http://newsroom.transunion.com/press-releases/transunion-reveals-almost-half-of-landlords-consid-1114781#.U4_YvHJdUvA
Adam Almeida, President and CEO of TenantScreeningUSA.com states: “Credit reports will remain a critical component of a potential renters portfolio of information provided to a landlord and, subsequently, the decision making process.”
All potential renters should check their consumer credit reports on an annual basis and review them for accuracy. One should check for correct addresses and social security numbers as well as ensure only correct items appear. Any inaccuracy should be corrected immediately and incorrect notations challenged. Credit companies have approximately one month, 28 to 30 days, to correct inaccurate or incorrect items. Further, individuals should be mindful of problem areas such as slow or late payments. Also, one should continuously follow-up and monitor a credit report, especially after paying off a credit item. http://www.consumerfinance.gov/askcfpb/313/what-should-i-look-for-in-my-credit-report-what-are-a-few-of-the-common-credit-report-errors.html
Another reason one should monitor credit reports is to protect against identity theft. Through a careful review one can discover items that do not belong and report and/or challenge them.
“A credit report is a valuable tool. One should maintain a constant vigil to maintain accuracy,” Almeida states.
SmartMove, powered by TransUnion, is a safe and secure platform that allows renters and landlords to exchange information, and protect against the misappropriation of information.
Almeida states: “Using a system such as SmartMove for potential tenants is a strong tool to protect consumer information that can be gained from a credit report. Any tool that can help an individual protect their credit report and improving a credit score should be used.”
TenantScreeningUSA.com is a nationally recognized third-party tenant screening company that offers SmartMove, a powerful tool that provides the information landlords require and the security tenants’ demand. SmartMove is easy, secure, and available 24/7 to tenants and landlords. For pricing and to see how SmartMove works visit http://www.TenantScreeningUSA.com.
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