Get a tenant credit check without the tenant’s involvement
Running a credit check on a tenant can provide landlords with useful information that they otherwise wouldn’t know from the routine application process. When things like bankruptcies or judgments show up during a tenant credit check, it helps inform you as a landlord to make the best decisions when it comes to who you’re renting to.
Other online tenant credit check companies (like SmartMove) that provide full credit reports always require the tenant to respond to an email and create an account. This is due to an FCRA regulation that requires a complicated authentication process.
At RentPrep, our credit check reports allow landlords to access credit information without pulling the full report. This means there is no tenant involvement and no risk that you’ll lose an interested applicant because they haven’t completed their task of creating an account. Running a credit check on a tenant has never been simpler.
One-Time Credentialing (it's easy, we promise)
Since you will be receiving sensitive credit information, there is a minimum credentialing process the credit bureaus require. This is a one-time step for first-time orders, and includes sending us the following information:
- A copy of your driver’s license
- A copy of the signed rental application
- Proof that you own or manage property. This can be as simple as a mortgage statement, deed, county assessment, homeowners insurance policy, management agreement or anything that identifies you as the owner/manager. You only need to choose one, and it covers you for all properties and future orders.
Tenant Credit Checks can be added to any RentPrep background check for $9.95. Here’s what you’ll get:
- A “Pass” decision if the tenant meets your minimum FICO Score criteria
- A “Fail” decision if the tenant’s FICO score is below your criteria
- A list of reasons why the tenant failed. This typically includes explanations direct from the credit report like “Serious delinquency” or “Amount owed on balances is too high“. This allows you to see the credit behaviors that are causing a low FICO Score.
You will only receive a Pass or Fail decision based on the table below:
|700-860||0 Bankruptcy||0 Judgments|
|650-860||1 Bankruptcy||0 Judgments|
|600-860||1 Bankruptcy||0 Judgments|
|500-860||1 Bankruptcy||1 Judgments|
|450-860||1 Bankruptcy||2 Judgments|
|0 Stars||397-860||1 Bankruptcy||3+ Judgments|
Note: The number of bankruptcies and judgments is the allowable limit for an “Approved” decision.
You will also receive the FICO Classic 04 codes that were an affecting factor in your applicant’s score
You can view the codes and their explanations below:
|000||No adverse factor||020||Length of time since derogatory public record or collection is too short|
|001||Amount owed on accounts is too high||021||Amount past due on accounts|
|002||Level of delinquency on accounts||022||Serious delinquency|
|003||Proportion of loan balances to loan amounts is too high||024||No recent revolving balances|
|004||Lack of recent installment loan information||026||Number of bank revolving or other revolving accounts|
|005||Too many accounts with balances||027||Too few accounts currently paid as agreed|
|006||Too many consumer ﬁnance company accounts||028||Number of established accounts|
|007||Account payment history is too new to rate||029||No recent bankcard balances|
|008||Too many inquiries last 12 months||030||Time since most recent account opening is too short|
|009||Too many accounts recently opened||031||Amount owed on delinquent accounts|
|010||Proportion of balances to credit limits is too high on bank revolving or other revolving accounts||036||Payments due on accounts|
|011||Amount owed on revolving account is too high||038||Serious delinquency, and public record or collection filed|
|012||Length of time revolving accounts have been established||039||Serious delinquency|
|013||Time since delinquency is too recent or unknown||040||Derogatory public record or collection ﬁled|
|014||Length of time accounts have been established||041||No recent retail balances|
|015||Lack of recent bank revolving information||042||Length of time since most recent consumer ﬁnance company account established|
|016||Lack of recent revolving account information||050||Lack of recent retail account information|
|017||No recent non-mortgage balance information||056||Amount owed on retail accounts|
|018||Number of accounts with delinquency||097||Lack of recent auto loan information|
|019||Date of last inquiry too recent|
With RentPrep, running a tenant credit check is a quick and painless process. All you need to do is sign up, and you can leave the rest to our FCA Certified Screeners. You’ll have the completed credit check report in your hands in no time!
Sometimes the credit lingo can be difficult to understand if you’re not familiar with it.
We have an online knowledge base that goes into further detail on each credit code.
You can view that by clicking here.
Do you know who you’re renting to?
Tenant Screening Done Right!