CoreLogic launches MyRental.com
In an effort to help independent landlords lower tenant risk, CoreLogic has announced today their newest service, MyRental.com, a comprehensive tenant screening data which includes the new supplementary credit scores previously only available to the mortgage industry.
The predictive credit scores were announced in 2011 and made public this spring, it includes scoring for data previously ignored in a credit check like information on evictions, applications for payday loans, child support judgments, property tax liens, the status of homeowner’s association dues, whether or not someone owns a house (or other properties credit agencies miss) or is underwater, and could soon include utility bills or cellphone bill payment histories.
CoreLogic says that the new service provides the same applicant rental histories, eviction data, and criminal reports to small landlords who rent properties independently as those large apartment complexes and property management companies use to mitigate renter-applicant risk.
Purposeful and accidental landlords on the rise
“The recent growth in U.S. rental households is sparking demand for risk management tools tailored for independent landlords,” said Tim Grace, senior vice president of data & analytics product management at CoreLogic. “Previously, small landlords relied on their instincts, a few documents, and applicant-supplied character references to assess rental applicants. Now they have a tool to limit uncertainty and accelerate decision-making with more reliable information to qualify renters.”
“Very high-risk and very low-risk rental applicants are easy to spot but the majority of applicants are average risk,” said Bagrat Bayburtian, vice president, product management at CoreLogic. “By basing their decisions on a few factors—income, references and bank information—landlords accidently eliminate high-quality tenants. Independent landlords now have access to tenant scoring from MyRental.com to help avoid these mistakes.”
The company says that MyRental.com offers a predictive score which indicates the likelihood that the applicant will satisfy the lease. Using inquiry, credit, and eviction data, MyRental.com generates a three-digit score that summarizes the potential risk of the applicant. Just like a credit score predicts the likelihood that a loan will go unpaid, the tenant score from MyRental.com returns a three-digit number that indicates the risk that an applicant will not fulfill their lease. This screening solution enables each property manager to set the risk level that is acceptable to their property.