We’re proud to announce that we’ve upgraded our Experian credit reports to include FICO® Score 9! FICO® Score 9 is now available for all CIC™ Experian credit report users. With the switch from FICO® Score 8 to 9, you’ll want to be aware that there will be a few changes to how your rental applicant’s credit scores will be calculated.
Finding the best resident screening service for your rental community is no easy feat. Beyond the credit report and background check, it can be difficult discerning if a screening company is doing all that they can to protect you and your property. To ensure you get the best resident screening service possible, make sure the company you pick has these 4 vital things.
U.S. District Court Judge Richard Matsch ruled that Colorado’s sex offender registry law was unconstitutional early this September, citing the Eighth Amendment’s “cruel and unusual punishment”, as it impeded on offender’s ability to find work or housing after completing probation and parole. While this ruling has no immediate effect, even on the three sex offenders who wanted to remove their information from the registry, if the case is appealed and upheld by the federal 10th Circuit (which includes courts in Colorado, Kansas, Utah, New Mexico, Wyoming and Oklahoma), then it would be binding.
All properties aim to find quality residents, but few take the time create detailed property guidance and invest in screening. By fleshing out your rental policies and training your staff on proper pre-screening and tenant screening, your commitment can help you increase your net operating income (NOI), decrease future resident problems, and maximize a property’s potential.
Knowing your credit risk score (or “credit score”) and consistently trying to improve on that score is an important aspect of adult-life. Consumers with higher credit scores have an easier time getting approved for loans, mortgages, and rental housing, so achieving a score as close to 850 as possible is the ultimate goal in order to make life easier. While you certainly know where your credit risk score stands, do you know how your score is being calculated? Take a look at the most commonly used versions of FICO® and VantageScore®, and the benefits your credit score might see from understanding key elements to improve it.
With 143 million consumers at risk after Equifax’s record setting security breach, millions are left with the question ‘what now?’ There are a few ways to protect yourself from identity theft, and monitoring your credit is one of the safest steps to financial peace of mind. Take a look at our informational guide on how to safeguard your credit report, and why it might be the best decision you make during the fallout from this record-setting breach of data.
Phase Two of the credit bureau’s National Consumer Assistance Plan (NCAP) is now in effect! Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018, in the hopes to improve the quality of their public record data. Because of this, industries that depend on credit reports will see a significant change and the multifamily housing industry will need to be prepared.
NCAP’s Phase Two
While it is likely that the bureaus have already implemented parts of these new requirements prior to the effective date, according to TransUnion®’s data reporting initiatives, credit reports will have the following changes: