No Hassle / No On-Site Inspection Credit Reports for landlords!
New,stricter requirements from the big three credit bureaus make it difficult for small landlords to receive credit reports on prospective tenants (credit applicants). To view an actual report,all major agencies are requiring some or all of the following conditions to be met by the individual or company that wants access to credit information:
- Physical Inspection of the Office / Home Office ($75 –$150 annually)
- Professional Sign-age (to show you are a legitimate business)
- Locking Office / File Cabinet
- Business License,Copies of Deeds,References.
It’s become a major hassle for the smaller Mom and Pop Landlord to obtain access to one of the most important tools in the screening toolbox! However,there is a new product available that just might be a fit if you are only running a dozen or so reports a year.
AskTheLandlord.com Member Steve(WA) recently found his “traditional”credit report source had shut him off for pulling “too many reports”.. of course,they did so with no advanced warning,and he didn’t discover the issue until the weekend,when he needed to run credit “on a hot one”..
Looking for a last minute replacement to accept or decline an otherwise approved applicant,member OrEGone found http://www.mysmartmove.com
My Smart Move is a product offered by Trans Union that provides Landlords with access to credit reports with NO Memberships,No On-Site Inspections,and can be set up in minutes! The process is a little bit pricey ($30 per applicant with a full credit report included),but may prove the perfect product if you don’t pull a lot of reports.
You can see the product offering on the Trans Union Page at https://mysmartmove.com/
The discussion at AskTheLandlord.com can be found at http://askthelandlord.com/forums/general-landlording-discussion/citicredit-bastards/msg11836/#msg11836
