Yardi conducts rules-based resident screening through the Yardi Resident Screening. Yardi relies on credit information from the credit reporting agencies (CRA) to be effective. The credit reporting agencies, also called the Credit Bureaus, help brands determine the likelihood of consumers repaying their loan, so which of the credit bureau does Yardi use?
Yardi uses Equifax and Experian in addition to the VantageScore Credit system, which was developed in collaboration with both Equifax, Experian, and TransUnion. Yardi can furnish its clients’ data from all these channels to help property managers screen prospective residents’ credit history.
Why Does Yardi Work with Equifax?
Through the ScreeningWork Pro, Yardi’s clients can verify consumers’ credit reports, rental history, income, and employment data from Equifax’s The Work Number. The Work Number is over 350 million rich in records.
The Work Number gives Yardi’s clients access to rental data and the power to decide on rental applications faster. Also, because they are not relying on the customer-provided reports alone, their evaluation is likely to be more accurate.
This helps them approve low-risk rental applications and reduce incidents of lease skip and eviction troubles. It also helps them provide smooth service and quality services to clients, which would increase their customer rating, referral and improve their bottom line.
How Does Yardi Work with Experian?
Yardi and Experian launched a joint platform by which renters can report their credit history on Experian RentBureau and Yardi’s clients can report rental payments records to the Experian RentBureau, making access to both sets of data easy for Yardi’s property managers. To get the data, Yardi’s clients, who would have already been registered to Yardi Voyager, will only need to sign up with the Experian RentBureau and their rental payment records will be reflected automatically.
How Does Yardi Work with VantageScore?
With VantageScore, Yardi provides three-digit credit scores for property managers to evaluate rental applicants with the help of the three national credit reporting agencies. VantageScore relies on a highly segmented sample of 45 million consumer credit profiles across the U.S. The VantageScore credit assessment pathway also gives property managers access to rental history, eviction history, income data, rental recommendations, and a level of criminal background checks.
What Other Credit Bureau Does Yardi Use?
Tenants who see the RentGrow tag on their screening information often wonder what it stands for. Well, it is another resident screening service operated by Yardi that helps property owners to manage their tenants. You’ll see RentGrow appear on your credit report if your property manager re-screens you before they renewed your lease or rent. But you can content this because your property manager is expected to get your consent before doing such a background check.
What does Yardi’s RentGrow Check Mean for Rent Applicants?
Property managers doing the RentGrow check are usually looking for such data as:
- Credit Reports
- Criminal History
- Employment and Income Verifications
- Rental Payment Information
- Eviction and Rental History
- Civil Court Records
- Social Security screening.
How Does RentGrow Pull Consumer Data?
RentGrow’s screening data usually come from the consumer information from the three national recording agencies: Equifax’s The Work Number, Experian’s RentBureau, and TransUnion. Seeing that these data sources vary in accuracy, RentGrow reports pull data from one or a combination of those sources, which could explain why RentGrow reports mix people’s information frequently.
They often fill someone’s credit information in another person’s file and have been subject to various legal contentions over time. If they mix your data up and it costs you an opportunity, you can seek legal redress.
Why Property Managers and Consumers Use Yardi’s Credit Data?
With the help of the credit bureaus, Yardi utilises consumer credit data to enhance the consumer experience, such as:
- Automated Workflow
With Yardi, residents get the chance to automate their payments and access to Yardi’s built-in screening process that will help you live and work smart in an environment that supports your business needs.
- Reduce Tenancy Risks with Cutting-edge Analytics
As a property manager, you will need to rely on the most accurate data to make the best possible decisions for the properties you are managing. Yardi’s data gives you the performance insight into your existing and prospective residents and the available opportunities.
Alternative Credit Bureaus
While they are not up to the scale of the big three: Equifax, Experian, and TransUnion, other credit bureaus specialise in small segments of the market. Some of them are:
- ChexSystems: They provide lenders access to consumers’ use of deposit accounts.
- Certegy Check Services: They provide check screening services for retail and gaming brands.
- CL Verify Microbilt: They provide identity verification and payday loan history for small and medium businesses.
- Contemporary Information Corp: They provide tenant screening and employment screening.
- CoreLogic Saferent: They provide resident screening solutions.
- CoreLogic CoreScore: They provide data on consumers’ eviction history, missed rental payments, child support judgments, etc.
Conclusion
America’s leading resident-screening company, Yardi, uses three credit reporting agencies (CRA) to help its clients make their credit decisions. The agencies are Equifax, Experian and VantageScores. However, VantageScore is a product of the collaborative efforts of the three national credit bureaus: Equifax, Experian and TransUnion.
