Tenant screening is a process used primarily by residential landlords and property managers to evaluate prospective tenants. The purpose is to assess the likelihood the tenant will fulfill the terms of the lease or rental agreement and will also take great care of the rental property in question. The process culminates in a decision as to whether to approve the applicant, approve the applicant conditionally (such as requiring an increased deposit or cosigner) or deny tenancy.
The tenant screening process typically begins when the prospective tenant (each adult applicant) completes a rental application, pays an application fee and perhaps a holding deposit.
Rental applications are designed to collect personal identifying information (name, social security number and date of birth, etc.) address, employment and eviction history. A signature is generally required, attesting to the accuracy of information provided, agreeing to certain terms and conditions and authorizing procurement of a tenant screening report.
Valid government-issued photo identification is typically required to confirm the identity of applicants and in compliance with the Federal Trade Commission’s (FTC’s) identity theft Red Flags Rule.
Why do you need Tenant Screening?
The above mentioned risk factors can affect everybody. It is a landlord’s responsibility to protect the rental community by doing what is reasonable in that endeavor. Nobody wants to be at risk because someone chooses not to obey rules, and has a negative impact on lifestyle. This process prevents fraud, eliminates identity theft, tells you something about the applicant and since the tenant is required to order the report, it becomes easy to check how motivated, how respectful, and how mindful they are of your request to follow rules.
Landlords are Users of Consumer Reports, also as defined and regulated by the FCRA. The FCRA imposes specific requirements on landlords as Users. Notably, they must “…provide oral, written, or electronic notice of adverse action taken based in whole or in part on any information contained in a consumer (tenant screening] report.
Express Infomatics Tenant Screening Services:
Express Infomatics offers an effective tenant screening service that will help you prevent fraud and reduce income loss. The applicant’s Social Security Number, Social Insurance Number (CDN) is validated on the credit report that Credential Research obtains for you, so if the number shown on your rental application is not valid, you will know. Fraudsters often provide false information that includes the wrong date-of-birth and misspelling of the last name. The SSN & SIN will generally pull up a file even though false information has been given; this is one way to determine the identity and truthfulness of your Prospective Tenant. Tenant Screening Services obtains a complete report for site inspected members that include a current and previous address, current & previous employer, liens, collections, civil judgments, and bankruptcies. It includes Credit Grantor information where the accounts are rated 1 thru 9 – “1” being the best rating which indicates that the account is paid on time and 9 being the worst which indicates that the account has likely been closed by the Credit Grantor. The FICO score (Beacon or Empirica) is an indicator of a good or problematic credit history. The Identity is scanned for previous fraudulent activity in every instance – which further minimizes your risk.
Primary Benefits Include:
- Accuracy with error-free results.
- Reporting and dashboard features.
- Time & Cost savings that can be quantified.
- Easy to manage Electronic signatures & digital forms.