Tenant Screening Credit Verification Check
Effective January 1, 2007 the laws governing the Credit Bureaus and those who are authorized to receive credit reports furnished by the credit bureaus have changed. This has been done in respect to identity theft and privacy issues, as well as FCRA guidelines.
We are able to assist you in evaluating your prospective tenant’s credit with a ‘credit verification search’. This ‘credit verification’ is based on the applicant’s credit report data, FICO score, bankruptcies, judgments, and collection information.
Although we do not provide the detailed credit report itself, the credit verification check ‘pass’ is based on real-time access to the applicant’s credit report and the results meeting the Landlord’s acceptable ‘credit grade’. When you (the Landlord) select your acceptable ‘credit grade’ you should consider your current market trends and type of property for rent or, for lease. When the market is slow, you may need to lower your acceptable ‘credit’ standards in order to fill the vacancy, and when the market is competitive you may have a better opportunity to be more selective in your acceptable ‘credit grade’.
Here’s how the process works:
- Before submitting the Tenant Screening ‘Credit Verification Check’, you are required to fax the applicant’s release form to us at 607 936 2300. It is required that the release form be maintained in our office, as well as in your records for a period of 2 years, whether their application is accepted by you or not.
- When placing an order for a Tenant Screening ‘Credit Verification Check’, the Landlord (You, our Client) will enter their acceptable ‘Grade’ of credit as described on the order form. The Landlord will also submit their name, company name, property address available for rent or lease, the applicant’s name, and applicant’s email address on the Order form.
- Next, the applicant will receive an offer to apply for a ‘Credit Verification
Check’, which is sent directly to them via email. (You may elect to submit
this for your applicant using your email address after having received
the applicant's permission to do so. This will expedite the process of
receiving these results back to you immediately.)
If the applicant does not have an email address, they can receive an application form and process their credit application at a local library. - The applicant or The Landlord will click the link to apply for a ‘Credit Verification Check’ that was sent to them via email, and then enter their ‘Personal Identifier basic information’. The information that is required is the applicant's name, applicant's current billing address, applicant's DOB and applicant's SSN.
- The applicant is then required to submit a processing fee of $1.99 via credit card through this link. This is required, as it will provide a ‘real-time’ address verification, which is an important part of the ‘credit verification check’.
- After the applicant or the Landlord has submitted this information and the processing fee, the Landlord (You, our Client) will receive an email reply if the Applicant’s Credit Grade meets or exceeds the Landlord’s minimum acceptable ‘credit grade’. You will not receive any notification of ‘not passing’ the grade. The ‘pass’ notification is instantaneous once the applicant's credit verification request and the processing fee has been submitted.
- Last, the Landlord should make their decision on whether to approve the applicant for rent or lease based on all of the screening results and background checks performed, and not solely on this ‘Credit Verification Check’. This is a requirement of the FCRA Regulations.
TenantAuthority.com will not have access to the credit verification results for confidentiality purposes and FCRA regulations.
It is recommended to include the Credit Verification processing fee of $1.99 on your Application for Rental or Lease. It is also recommended that you include a place for your applicant to provide their credit card name, credit card account number, and credit card expiration date on your Application for Rental or Lease. This will allow you to expedite the credit verification application for your applicant in order to get your results back immediately and make it easier for the applicant as well.
Please contact us with any questions you may have at 888 845 5219.
Click Here to Order a Tenant Screening Credit Verification Check
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