CHICAGO, IL - RentBureau, the rental data based credit bureau serving the multifamily industry with a more accurate and complete picture of prospective renters, will have its rental history database available via TransUnion's rental screening platform. RentBureau's proprietary database collects rental payment histories every 24 hours from its national network of property owners and managers, which currently includes nearly six million records nationwide.
RentBureau data delves deep into a prospective resident's rental history, giving the property manager a more complete and accurate picture of the prospective renter. Members of this network furnish their lease and lease payment/non-payment data to RentBureau directly from any property management software using RentBureau's proprietary technology. In return, members receive immediate, centrally stored, integrated verification of new applicants' payment history as part of their existing screening services.
"By adding RentBureau rental history data into our platform, we can now offer our customers more complete information to identify, attract and select the right residents," said Mike Britti, group vice president of TransUnion's rental screening group. "We know that a good predictor of a resident's likelihood to pay rent is their rental payment history. Now we can identify those who lack traditional credit, but have been good renters, in a quick and easy way."
In addition to helping TransUnion's property management customer base, the RentBureau integration helps applicants looking to rent an apartment, as it is the first to harness positive rental history data in order to help residents build credit. According to the Political and Economic Research Council (PERC), there are currently between 80 and 100 million underbanked people in America, and 20-50 percent of leasing applicants have "thin credit files." By using RentBureau's rental history data, property managers can select responsible applicants based on past rental behavior and renters, with little or no credit, can further build good credit through responsible renting.
"RentBureau represents a powerful new trend in alternative data by making use of positive rental history data," said Michael Turner, Ph.D., president and senior scholar of PERC, which has conducted extensive research into the benefits of using alternative data sources to build credit for the underbanked. "Using this unique alternative data is key for screening companies to help property managers save money in a tough economy: by selecting the right renters and lowering risk of evictions, skips and property damage. Not only will this data revolutionize how the multifamily industry screens its residents, but it will be a commanding presence in the world of alternative data, to which this new collaboration with TransUnion attests."
TransUnion joins a host of respected resident screening companies that have chosen to be RentBureau Data Illuminated(TM), whereby RentBureau's data is seamlessly embedded into existing screening solutions.
"Our new partnership with TransUnion is a testament to the value of our proprietary rental history data and how screening companies recognize it as an easy add-on to provide their clients with the best possible screening tools for residents," said Eric Hartz, RentBureau president and CEO. "Right now, tighter operations leading to better financials are more important than ever. By becoming RentBureau Data Illuminated(TM), TransUnion is providing the rental market and landlords with tools and data assets to help them reduce losses and more efficiently rent to qualified applicants. We are delighted to be part of their industry leading offerings."
Source: RentBureau