Can anyone recommend a good screening agency that I can go through to pull credit reports on potential tenants? I only have one rental unit (in the other floor of the duplex that I own and reside in) so I don't have a lot of volume.
I've previously been using landlord2landlord.com, but they've recently changed their policy -- such that anyone who operates out of their home, and doesn't have a separate/secure office area dedicated to property management duties (and they charge you $100 to verify this) can no longer have access to credit information. They say that this is due to changes in TransUnion's policies (caused by changes in the FCRA - Federal Credit Reporting Act) so I'm afraid that my options may be somewhat limited.
Any suggestions?
I've previously been using landlord2landlord.com, but they've recently changed their policy -- such that anyone who operates out of their home, and doesn't have a separate/secure office area dedicated to property management duties (and they charge you $100 to verify this) can no longer have access to credit information. They say that this is due to changes in TransUnion's policies (caused by changes in the FCRA - Federal Credit Reporting Act) so I'm afraid that my options may be somewhat limited.
Any suggestions?
I use citicredit.net
Yes, it appears that the main 3 agencies are changing their policies in this regard. The inspection (what you pay $100 for) is done by an independent contractor hired by Experian, equifax, or trans union and their assessment is, in my humble opinion, very subjective. It takes about 10 minutes and they take some photos, do an interview, and may look through some of your records. As long as you run a clean shop that looks and feels like an office space -- even if it is in your home -- you should be good. However, you do have to pay the fee in that case.
The good news is that the fee is a one time deal and the inspection is nothing to worry about. The bad news is that there is a fee.
There are still many, many places out there on the internet that will run your credit for you, but as these new policies trickle down, I would expect to see many of these shops get closed. The rules for securing information and the disclosure of the reports is getting increased pressure because of all the identity fraud publicity (and reality). This problem will get worse for the individual landlord over time; not better.
Places like AMS Ties and Mr. Landlord I would expect to be among those who undergo policy changes in the next year. There are larger, more comprehensive tenant screening solutions that cost more but provide much more useful information than just a FICO score or criminal / landlord registry file. Several will make the verification phone calls for you on employment, last residence, etc. Two I know are:
RentGrow, www.RentGrow.com
Safe Places Inc. http://www.saferplacesinc.com/
Just some options.
I've previously been using landlord2landlord.com, but they've recently changed their policy -- such that anyone who operates out of their home, and doesn't have a separate/secure office area dedicated to property management duties (and they charge you $100 to verify this) can no longer have access to credit information. They say that this is due to changes in TransUnion's policies (caused by changes in the FCRA - Federal Credit Reporting Act) so I'm afraid that my options may be somewhat limited.
Any suggestions?
If you have been using landlord2landlord.com, remind them that you are already their client. You should already be grandfathered in. Give them a call.
Debbie
I use Mrlandlord.com , and so far there's no new fees or policies. I also, own just one rental property, and I would suggest their services. Otherwise, if you have a local landlord tenant association, check with them. They sometimes have something setup so that the small volume landlords can do credit checks.