Table of Contents
ResidentScore is specifically built to look at the outcome of a lease, using the compelling data and analytics of TransUnion. Based on a TransUnion Rental Screening Solutions analysis, bad outcomes occur on 24% of residential property rentals.
What is a good resident score?
So, if your renter has a score of 670 or higher, that’s a very good credit score for most rentals. Most landlords are looking for a score somewhere between 600 – 650 since renters don’t have the credit history of making mortgage payments to boost their credit score.
What does Residential score mean?
Minimize Risk Data shows that a Resident Score identifies a higher number of evictions, and more candidates who skip out on their rent, than a traditional credit score, and focuses on weeding out prospective tenants who are an eviction risk.
What is the difference between resident score and credit score?
The ResidentScore analyzes resident records and uses additional rental data tailored for resident screening and rental history. It is a better predictor of rental outcomes. Traditional credit scores are used to predict the outcome of a loan, not rental performance.
How do I know my resident score?
First, log in to your free account, or create a new account using Credit Karma. Go to Credit Karma! Next, go to your TransUnion credit report by clicking on “view score details” on the TransUnion score.
Is 680 a good credit score to rent an apartment?
Renting. In general, landlords breathe easier when a renter has a credit score over 700. However, a credit score over 650 generally is high enough to win over landlords. It all comes down to your competition, since a landlord may select an applicant with a better score over you.
Is 670 a good credit score to rent an apartment?
Depending on the individual lender or insurer, you may see different standards, but generally a FICO score above 800 is considered excellent; “very good” FICO scores range from 740 to 799; a “good” score ranges from 670 to 739; and 580–669 is considered “fair.” Any score below 580 is considered poor.
What do resident checks look?
Property managers and independent rental owners use background checks to get a deeper, objective look into the applicant’s past behavior. Resident checks are often paired with consumer credit reports and can consist of an eviction search, criminal history scan, and/or sex offender registry search.
What is a good credit score for tenants?
Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed.
What credit score do landlords look for?
“Each landlord is different, but most landlords and property managers look for a credit score above 600,” Fluegge says. FICO® and VantageScore® credit scores typically range from 300 to 850. An applicant with a higher credit score might be considered to have shown a pattern of managing their finances responsibly.
What is a good income to rent ratio?
The gold standard in the industry is 30%, meaning no more than 30% of a tenant’s gross income should go to rent. People who spend more than 30% of their gross income on rent are considered to be housing-cost burdened, according to the U.S. Department of Housing and Urban Development (HUD).
What is a renter risk score?
SafeRent ™ Score Just as a credit score predicts the likelihood that a loan will be paid, our tenant score assesses risk by predicting the likelihood a tenant will fulfill a lease obligation. The score summarizes the potential risk of the applicant compared to others.
What is a rent score?
Rental scoring systems assign points to certain factors identified as having a statistical correlation to future financial lease performance. The final number, or rental score, represents an estimated level of risk as compared to the performance of other consumers in a range of scores.
What is a good smart move score?
ResidentScore assigns a score from 350-850, with 850 being the best score possible.
How long do evictions stay on your record?
How Long Does an Eviction Stay on Your Record? Generally, an eviction report will remain part of your rental history for seven years. If you are in the process of applying for a lease, ask the landlord or leasing company to tell you the name of the tenant screening company they use.
Does rental history show up on your credit report?
Because landlords and property management companies aren’t considered creditors, they do not automatically report your payment history to the three major consumer credit reporting bureaus—Experian, TransUnion and Equifax. Nor will they report evictions, bounced checks, broken leases or property damage.
Can I rent a house with a 700 credit score?
Landlords utilize credit scores to see if renters will be able to pay rent on time. Credit scores range from 300 to 850, and a credit score of 700 or above is generally considered good. With proof of income, a valid photo ID, and a good credit score, a renter should be able to apply for an apartment without difficulty.
Can I rent a house with a 650 credit score?
Typically, tenants need a credit score of 650 or higher. If you have a score of 500, we recommend that you co-sign with someone with higher credit or apply for no credit check apartments.
Can you get an apartment with a 675 credit score?
Apartment Credit Scores Typically, a credit score of 620 or above will enable you to obtain an apartment lease with relatively little trouble. Apartment leasing sources state that credit scores lower than 620 receive a “high risk of default” rating along with a leasing denial.
