Finding the best resident screening service for your rental community is no easy feat. Beyond the credit report and background check, it can be difficult discerning if a screening company is doing all that they can to protect you and your property. To ensure you get the best resident screening service possible, make sure the company you pick has these 4 vital things.
Tenant Screening Advice
All properties aim to find quality residents, but few take the time create detailed property guidance and invest in screening. By fleshing out your rental policies and training your staff on proper pre-screening and tenant screening, your commitment can help you increase your net operating income (NOI), decrease future resident problems, and maximize a property’s potential.
Knowing your credit risk score (or “credit score”) and consistently trying to improve on that score is an important aspect of adult-life. Consumers with higher credit scores have an easier time getting approved for loans, mortgages, and rental housing, so achieving a score as close to 850 as possible is the ultimate goal in order to make life easier. While you certainly know where your credit risk score stands, do you know how your score is being calculated? Take a look at the most commonly used versions of FICO® and VantageScore®, and the benefits your credit score might see from understanding key elements to improve it.
With 143 million consumers at risk after Equifax’s record setting security breach, millions are left with the question ‘what now?’ There are a few ways to protect yourself from identity theft, and monitoring your credit is one of the safest steps to financial peace of mind. Take a look at our informational guide on how to safeguard your credit report, and why it might be the best decision you make during the fallout from this record-setting breach of data.
Phase Two of the credit bureau’s National Consumer Assistance Plan (NCAP) is now in effect! Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018, in the hopes to improve the quality of their public record data. Because of this, industries that depend on credit reports will see a significant change and the multifamily housing industry will need to be prepared.
NCAP’s Phase Two
While it is likely that the bureaus have already implemented parts of these new requirements prior to the effective date, according to TransUnion®’s data reporting initiatives, credit reports will have the following changes:
On September 7th Equifax had a major security breach that potentially compromised 143 million consumer’s personal information. The information accessed includes names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed.
With September 15th just around the corner, you’ll want to prepare your staff for the next phase of the three credit bureau’s National Consumer Assistance Plan (NCAP). Aiming to improve the quality of their public record data, Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018.
On September 15th, 2017, the second phase of the National Consumer Assistance Plan (NCAP) will go into effect, and while you might be reeling from the first phase, it’s important to know what credit changes are on the horizon. This next big push will affect medical debt collection accounts.
Aside from a few tips on how to boost your credit score, not a lot of people know what’s true and false about credit reports. To be fair, even when you deal with credit every day, it can be difficult to keep the facts straight. Up your credit knowledge with our myth-busting guide, and see if you know the truth about these credit report myths.
For property managers, adhering to the Fair Housing Act (FHA) is an integral part of the rental process. While your leasing procedures are certainly saturated with methods to stay FHA compliant, do you use the same caution when communicating with applicants and renters online? In order to avoid any misunderstandings involving your standings with the Fair Housing Act, incorporate these fair housing tips when you market your vacancies online.