{"id":7658,"date":"2013-08-12T05:00:35","date_gmt":"2013-08-12T12:00:35","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=7658"},"modified":"2022-05-02T06:53:12","modified_gmt":"2022-05-02T13:53:12","slug":"honing-in-on-new-households","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/honing-in-on-new-households\/","title":{"rendered":"Credit Score Options"},"content":{"rendered":"

For multifamily property managers, flipping a coin to decide whether or not to rent to a prospect with thin or no credit i\"Couplenformation can hardly be considered an industry best practice.<\/p>\n

But with 27 to 30 million potential apartment renters who can\u2019t be evaluated for a traditional credit score, usually due to lack of recent credit history or absence of any credit data at all, \u00a0having some way to assess the \u201cunscoreable population\u201d is becoming increasingly important.<\/p>\n

As national economic recovery continues in the post-recession period, economists are talking a lot about the concept of \u201chousehold formation.\u201d It\u2019s essentially the unbundling or decoupling of shared housing situations, which became increasingly common during the most recent lean years.<\/p>\n

Historically, 1.1 million new households are formed every year in the United States. Current figures are still lagging behind that average, with just 746,000 households formed<\/a> in the last year. But as job growth continues and young renters are able to earn better wages, household formations are expected to pick up.<\/p>\n

\u201cThings have improved, they\u2019ve found a job or gotten a better job, and they\u2019re ready go out and find an apartment of their own. But without recent credit history, in most resident screening models they will come back as unscoreable, basically a ghost. Then the landlord finds themselves making a qualitative decision to determine what they want to do with that person,\u201d explained Patrick Hennessey, vice president of Resident Screening for Yardi<\/a>.<\/p>\n

It\u2019s a dilemma that could put property leasing agents and managers in a tough spot. But additional options for credit screening, including a new solution being offered by Yardi Resident Screening<\/a>, can address this pain point head on.<\/p>\n

In addition to a tried and tested proprietary scoring formula, Resident Screening users now have the option of utilizing VantageScore\u00ae credit scores. This is an advanced numerical scoring alternative from the 3 major credit bureaus that produces three-digit credit scores to help qualify applicants.<\/p>\n

\u201cWe are committed to giving our clients as many options as possible to meet their business needs, and with VantageScore credit scores we now offer numerical credit scoring to our clients who prefer a three-digit credit score to factor into their screening process \u2013 while still benefiting from our customized rules-based criminal, eviction, income, and rental history screening,\u201d\u00a0Hennessey explained.<\/p>\n

The goal of Yardi Resident Screening is to simplify and streamline the prospect screening process for landlords large and small. In most cases, a few seconds of data entry and the click of a single button from within a landlord\u2019s property management system will return a credit and background check of the lease applicant within seconds. (In some states, like California, limited access to the state\u2019s criminal database can lengthen the process to a few business days.)<\/p>\n

Access to increased options for credit screening aids multi-family housing providers and renters alike. More quality and predeictive information is always a good thing when assessing a rental transaction that could involve potential risk.<\/p>\n

\u201cMany landlords right now are in a position to be extremely selective. The more data they have access to help them make the best decisions possible, the better off they are,\u201d Hennessey said.<\/p>\n","protected":false},"excerpt":{"rendered":"

For multifamily property managers, flipping a coin to decide whether or not to rent to a prospect with thin or no credit information can hardly be considered an industry best practice. But with 27 to 30 million potential apartment renters who can\u2019t be evaluated for a traditional credit score, usually due to lack of recent […]<\/p>\n","protected":false},"author":413,"featured_media":7661,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[624,589],"class_list":["post-7658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-credit-screening","tag-multi-family"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"For multifamily property managers, flipping a coin to decide whether or not to rent to a prospect with thin or no credit information can hardly be\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/honing-in-on-new-households\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Score Options\" \/>\n<meta property=\"og:description\" content=\"For multifamily property managers, flipping a coin to decide whether or not to rent to a prospect with thin or no credit information can hardly be\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/honing-in-on-new-households\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-12T12:00:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-02T13:53:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/08\/Fotolia_51723314_Subscription_XXL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"434\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Leah Etling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Leah Etling\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/honing-in-on-new-households\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/honing-in-on-new-households\/\",\"name\":\"Credit Score Options - 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