Collects rent payment history data from property owners and residential real estate managers, electronic rent payment services and collection companies, and makes that information available to the multifamily housing industry through tenant screening companies. Experian also includes some positive rent data it receives from Experian RentBureau in its standard credit reports. Positive rent data refers to payments that are paid as agreed between tenants and landlords.
How to use this report
If you are applying as a tenant for a residential property, ask the management company for the name(s) of consumer reporting company it will be using to screen you.
Contact the screener(s) to fact-check your information and dispute it as needed.If a landlord refuses to rent to you or charges you more because of something in a background check, be sure to know your rights .
How to dispute the information in your report
If you find information in your consumer report that you believe is inaccurate or incomplete, you have the legal right to dispute the report’s content with the consumer reporting company and the company that shared the information to the reporting company, such as your lender. Under the FCRA, companies must conduct – free of charge – a reasonable investigation of your dispute. The company that has provided the incorrect information must correct the error, and notify all of the consumer reporting companies to whom it provided the inaccurate information.
Sure, it sounds like you're interested in tenant screening and how credit reports can impact the renting process. I've got quite a bit of expertise in this area.
Firstly, let's delve into the concept of tenant screening. It involves gathering information about potential tenants to evaluate their suitability for a rental property. The article mentions Experian, a major credit reporting agency, which has a specific arm called Experian RentBureau. This division focuses on compiling rent payment data from various sources like property owners, real estate managers, electronic payment services, and collection companies. This data is then used by tenant screening companies to assess a tenant's reliability in paying rent.
Positive rent data, as highlighted in the article, refers to payments made as agreed between tenants and landlords. Essentially, it's a record of timely and complete rent payments, which can be a positive indicator for prospective landlords.
When applying for a rental property, the article advises reaching out to the management company to know which consumer reporting company they'll use for screening. This step is crucial as it allows tenants to fact-check the information and dispute any inaccuracies. Additionally, the article emphasizes knowing one's rights if a landlord uses the background check to refuse renting or charges more based on the report's information.
Under the Fair Credit Reporting Act (FCRA), individuals have the right to dispute any inaccurate or incomplete information found in their consumer report. This process involves contacting both the consumer reporting company and the entity that provided the erroneous information (like a lender). Companies are mandated to conduct a free and reasonable investigation upon receiving a dispute. If an error is found, they must correct it and inform all consumer reporting agencies about the correction.
Tenant screening, credit reports, rental payment history—these are all intertwined aspects that significantly impact the renting process. It's crucial for both tenants and landlords to understand these dynamics to ensure fairness and accuracy in the rental evaluation process.
