Equifax/TransUnion Business Access: Who Qualifies and What You Get
Learn how property managers can access credit history reports to vet potential tenants through Equifax and TransUnion.
This service allows property managers to access credit history reports to help screen potential tenants.
Who it's for
This service is intended specifically for property managers who are in the process of vetting prospective tenants. It is a tool designed for those managing residential rental units who need to verify the financial reliability of individuals applying for housing. If your role involves managing a portfolio of rental properties and you need to perform tenant screening, this service is designed for your business operations.
What you get
When you use this access, you receive detailed credit history reports for the potential tenants you are evaluating. These reports provide essential data regarding a person's financial history, which allows you to make informed decisions during the tenant screening process. Having access to these credit checks helps you manage your rental units by providing a clearer picture of the financial standing of anyone applying to live in your properties.
What it costs you
Accessing these reports is not free. You will be required to pay monthly subscription fees to maintain your business access to the credit reporting data. Additionally, there is a procedural requirement regarding your time and documentation: you must secure the formal consent of each tenant before you can proceed with the screening.
The catch to know
The most important rule to remember is that you cannot pull a report on an individual at your own discretion. You must have the tenant's explicit written consent to pull their report. Failing to obtain this specific written permission before accessing their credit history could lead to significant legal and compliance issues.
How to apply
- Confirm that your business needs align with the requirements for a professional property management account.
- Contact the credit reporting agencies to set up a formal subscription and manage your monthly fees.
- Ensure you have the appropriate forms ready to obtain explicit written consent from every prospective tenant.
- Once your subscription is active and consent is signed, use the provided tools to request and review the necessary credit history reports.