Understanding Credit Reports

Credit reports provide important insights into potential tenants. Accurate credit reports start with thorough requests. Whether the requests for tenant screening reports are submitted manually or the more time-saving method using the  Online Rental Application, review the request to ensure the information provided is as complete as possible. .

Two types of credit reports can be obtained through Rentec Direct property management software: a Credit Report Card and a Full Credit Report. Both reports provide essential information from the past two years to help make the best tenant selection. The Credit Report Card provides a summary of results, while the Full Credit Report provides detailed information, including tradelines of financial activity and known addresses. 

An example of a Credit Report Card can be seen here: Credit Report Card
An example of a Full Credit Report can be seen here: Full Credit Report

Reviewing Credit Report Card vs Full Credit Reports

Requirements for credit information may vary by each landlord and property manager as well as regulations that apply to specific regions. We will highlight some key areas on credit report cards and full credit reports that may be of interest. 

There may be information on reports that doesn't match the applicant's. This does not mean you received the wrong report; it most likely means there were enough similarities to suggest you review the information. 

Below is a breakdown of both Credit Report Cards and Full Credit Reports.

Information Provided for Search 

The top of both Credit Report Cards and Full Credit Reports displays the information that was entered when the report request was submitted. Compare this information to the application and/or supporting documentation to verify its accuracy. 

• Information Provided for Search 
  • Name
  • Date of Birth
  • Address
  • Social Security Number 
• The report indicates if the SSN matches the applicant's information

Credit Score and Reasons Affecting the Score

• Credit Report Cards provide a Credit Score Range with General Reasons Affecting the Score                                                                                                                                                                                                                      

• Full Credit Reports provide a specific FICO Credit Score with Specific Reasons Affecting the Score with a Report Overview
  

Debt Summary

• Credit Report Cards indicate a Total Debt and pie chart with their Current Monthly Payment 

• Full Credit Reports indicate a Total Debt and pie chart with Specific Balances 

Past Due, Collection, and Public Records (Bankruptcies, Liens, and Judgments)

** Medical collection account details may not be listed

• Credit Report Cards reflect
  • Combined total dollar amounts
  • Combined total number of accounts affected
  • Reflection of Good or Caution

• Full Credit Reports reflect:
  • Total dollar amounts
  • Total number of accounts affected
  • A list of Tradelines for each specific account and payment history that may not have been included.

Bankruptcies, Liens, and Judgments

Only Full Credit Reports include Public Records for Bankruptcies, Liens, and Judgments

Applicant Information

Applicant information for both Credit Report Cards and Full Credit Reports reflects information that TransUnion has on file for the applicant, based on the information submitted including:

• Name
• Social Security Number
• Date of Birth
• How long the individual has been on file
• Employment Information
  • If the applicant works a nontraditional job or is self-employed, this information may not be indicated
• Address History

Credit Report Card

Full Credit Report

System Note: Our upstream vendors automatically apply known compliance verification to the results, which helps remove any records that would not comply with your local laws or regulations. This verification is based on the Landlord's or Property Manager's zip code, not the tenant's or property's zip code. Before using any information provided in the reports, be sure it complies with the laws and regulations that govern your location.

For questions about the report, contact StarPoint at 877-330-2444 or email info@starpointscreening.com.

Notes: 

• Prior to July 13, 2020, ordering either a credit report card or a full credit report through Rentec for the purpose of tenant screening was considered a 'hard hit' inquiry on the applicant's credit report. However, effective July 13, 2020, a tenant screening inquiry is now a soft hit and does not affect the applicant's credit score whatsoever. 
• Inquiry history will show as the Rentec Direct account holder or company name. If the report was pulled prior to April 2019, it would show as being pulled by 'The LIG Group' , as that is the name of the holding company for StarPoint Screening.
• Credit Reports are pulled by Transunion and provided by StarPoint Screening Services from the credit bureau, ensuring a reliable and streamlined process 

Pro Tip: Property Managers and Landlords subscribed to Rentec Pro or Rentec PM get access to a range of screening report options at wholesale tenant screening rates. These rates not only offer best-in-class tenant screening but can also save you up to 50% compared to other solutions. For a complete list and description of the products offered please visit: Tenant Screening Products