What is a Resident Score?
The Resident Score analyzes resident records and uses additional rental data tailored for resident screening and rental history. It provides a better analysis of the rental outcome by using a well-known scoring method from 350-850, with 850 being the best score possible.
What is the difference between Resident Score and traditional credit score?
Traditional credit scores are used to predict the outcome of a loan, not rental performance. Resident Score is tailor made for property managers. It uses evictions which include all filings, forcible entry detainers, and judgements to determine if an applicant will be a good resident, this could help avoid future evictions, late payments and/or lease skip outs
What’s a good TU rental score?
Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed.
Do landlords care about traditional credit score more than Resident Score?
Landlords don’t care much about the state of your credit cards, but they do care about any Collections, Evictions, or other Legal Proceedings, and they also care about utility payments. As such, the “Rental Score” focuses more on those areas.
According to a recent Transunion case study, TransUnion uncovered a staggering $1.27 million opportunity — reducing the company’s overall portfolio eviction rate from 6.5% to 3.6%. By using the TransUnion’s platform, the analysis showed that the company could substantially reduce evictions, save them millions and dramatically improve its NOI.