A credit reporting agency commonly known in the United States is a corporation that collects and does a background check on different people’s credit data. This is done so that the creditors can decide whether they should offer loans to specific people. RentGrow is an industry that screens individuals’ credit as a service to companies that deal with property management. Let’s learn ‘What Credit Bureau does RentGrow use?’.
A background report check that is done to clients is always common and similar in different companies. A credit bureau works by evaluating the clients’ application credit score and rating. The calculation is done through the information that is given by the customer. In addition, any type of credit reference agency normally checks for any clients’ additional data.
What Credit Bureau does RentGrow use?
The Corporation collects data with the help of a few of the credit reporting agencies. Their reports normally contain data in regards to what the property management has requested. The most important detail that is necessary for these background checks is the income and employment verification of the customer. The credit bureau that Rentgrow uses include:
- TransUnion credit bureau
- Experian Credit reporting agency
- Equifax credit bureau
- The work number
- Experian RentBureau
RentGrow has to do an environmental check on individuals. This is because it may be of help to a client and may also influence the industry’s decision on whether a loan should be issued or not. The company does their numerous checks using a variety of information that is collected such as:
- Civil court records
- Rental payment information
- Occupation and income check
- Eviction history
- Criminal records
- Social security screening
- Client’s credit reports
RentGrow on Credit Reports
RentGrow has the authority to not only screen but also pop up on your credit report from time to time. Moreover, a background check by Rentgrow cannot be done without a customer’s consent as it’s always included in the rental application form.
Your credit report may have an inquiry from Rentgrow if:
- You were involved with someone who signed up for a new apartment.
- You personally submitted an application for an apartment.
- If the owner of the property decided to screen you again before renewing your rental apartment.
1. TransUnion Credit Bureau
This is a credit reporting agency that is based in Chicago, the United States that was founded in the year 1968. It has over 8,000 committed workers and total equity of $2.6 billion. Even though it is the smallest credit agency among Equifax and Experian the industry reached revenue of $1.3 billion in 2014.
TransUnion works by combining and accumulating data on so many people in different countries. The credit bureau focuses on mainly business-oriented companies just like Rentgrow. How the company works is by:
- Marketing fraud protection products and credit reports to clients
- Provides one credit report to consumers for free once every year.
- Has business assistance that applies advanced large data that’s AL-TLOxp invention
2. Equifax Credit Bureau
Equifax is one of the largest consumer credit reference agencies in the United States. It was founded in 1899 and has its headquarters in Atlanta, Georgia. Equifax reporting agency combines data that constitute more than 800 million people. It has about 11,200 numbers of employees and consumes over 88 million companies.
The agency works by allowing consumers to estimate their overall credit positions. The score models of Equifax checks:
- The time period on how rental expenses were made
- The number of times a client missed a rental payment
- The amount of money that will be used for a rental
- The dates on which a client needs the rental
3. Experian Credit Bureau
Experian is an Irish and American multinational credit reference company. It began in the year 1996 and its headquarters is in Dublin, Ireland. The consumer industry collects information for 1 billion clients and 235 million companies in the United States. Experian offers monthly data for various consumers’ accounts. It provides:
- Customers rental balances
- The clients’ amount of leasing reimbursement
- The due date of the least rental payment
Conclusion
RentGrow does screening and background checks on consumers who want to rent new apartments at different places. This helps and gives property managers an easy time when they have a client who has applied and is interested in purchasing a house. The good thing is that customers have to give consent on whether a background check should be done to them.
Frequently Asked Questions
- How do I remove an inquiry that seems to be a mistake?
You can simply send a letter to the credit bureau
- Does Rentgrow affect my credit score?
It does but depends on which inquiry either soft or hard
- Which is the smallest credit bureau?
TransUnion
