Using Credit Summary Reports In Your Rental Application Review Process

Using Credit Summary Reports In Your Rental Application Review Process
by Lisa Wells

If you've been paying attention to the tenant screening industry over the last few years, you've noticed that all three credit reporting bureaus, Experian, Equifax and Transunion, have stricter requirements for businesses that wish to obtain credit reports for tenant screening or leasing decision purposes. These requirements were made stricter in light of the risk to consumers for identity theft and other misuse of their personal information by the inappropriate use and/or access to individual credit reports.

The upside to stricter requirements for obtaining credit reports is obviously increased protection of consumer information. The downside for small property managers and landlords who operate their residential rental company as a home-based business is that it is now extremely difficult to obtain full credit reports containing trade line information when reviewing a rental application.

Landlord2Landlord has recently introduced a new credit summary report that may be helpful to small property managers and landlords who operate from a home-based business. The press release highlighting this new service is below. Best wishes for your residential rental business - we would love to be of service for your tenant screening needs!

FOR IMMEDIATE RELEASE
Date: Tuesday, October 9, 2007

Landlord2Landlord Launches Decision-Only Tenant Credit Reporting Service
Credit Summary Risk Recommendation [CSRR] Aids Small Landlords and Property Managers

Woodstock, GA, October 9, 2007 - Landlord2Landlord, a residential and commercial tenant screening company, has launched a new service - Credit Summary Risk Recommendation [CSRR] - which is designed for small landlords and property managers who wish to review credit score information on prospective renters, but do not wish to receive the rental applicant's full credit report.

"We've responded to a tremendous number of clients who have asked for this kind of service, as the credit bureaus have become more stringent in their requirements for home-based residential rental companies that have a business need to review rental applicant credit history," says Lisa Wells, President of Landlord2Landlord, "Landlord2Landlord's new CSRR reports provide key information to guide a leasing decision while offering cost-effective and innovative tenant screening solutions to small property managers and landlords."

The Credit Summary Risk Recommendation report costs $12.95 and provides an individual's credit score with a risk recommendation level based on the credit. Clients who have not had a physical site inspection may receive CSRR reports.  Landlords and property managers who wish to receive full consumer credit reports for tenant screening purposes from any of the three credit bureaus [Experian, Transunion or Equifax] must successfully complete a physical site inspection before gaining access to individual credit history containing trade line information.

To view a sample Credit Summary Risk Recommendation report, please visit http://www.l2l2l.com/pdf/decisionexample.pdf.

About Landlord2Landlord

Landlord2Landlord is a residential and commercial tenant screening company that partners with property management companies and homeowner associations to help communities reduce neighborhood crime, and to protect home and business owners from renters with criminal backgrounds or a history of evictions and poor credit.  We've offered credit reports, criminal records and bad debt reporting services since 1997. Our website is easy to use, available 24 hours per day, and delivers instant, inexpensive results that comply with FCRA and Fair Housing Act requirements.  For more information, visit http://www.landlord2landlord.com/ or sign up for our monthly e-newsletter at http://www.landlord2landlord.com/ezinesignup.aspx.

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As always, information in this article is not intended to be used, and should not be used, as legal, tax or accounting advice. Investors should seek advice from an independent financial advisor about their specific situation.