Yardi is first to offer advanced three-digit credit scoring leveraging all three national credit reporting agencies as part of its resident screening solution
SANTA BARBARA, CALIF., July 11, 2013— Yardi® announced today that its proven rules-based resident screening solution, Yardi Resident Screening™, now includes VantageScore® credit scores, an advanced numerical scoring option from Experian® for clients who prefer three-digit credit scores to help qualify applicants.
Developed by VantageScore Solutions in cooperation with the three national credit reporting agencies (CRAs) –Equifax®, Experian®, and TransUnion® – VantageScore is the only credit score model to employ the same characteristic information and the same model at each of the three CRAs, so any score differences can be attributed to differences in the data in each consumer’s credit file. A model that levels credit behavior characteristics creates a more consistent picture of a consumer’s credit payment behavior, regardless of which CRA provides the data.
The VantageScore model was built on a national sample of 45 million consumer credit profiles, using advanced segmentation techniques. Because all scorecards are scaled consistently, a given numerical score (three digits) represents the same relative risk level across all three credit reporting agencies. The model also provides a score to tens of millions more consumers than traditional credit score models by more inclusively using information in a consumer’s credit files.
”We are very pleased that Yardi adopted VantageScore to advance their decisioning and assessment process with potential residents,” said Charles Chung, president of Experian Decision Analytics in North America. “Yardi clients will benefit from the advanced predictive capabilities of VantageScore along with the model’s exceptional ability to score consumers with thin credit files or those new to the credit world.”
Yardi Resident Screening was developed for multifamily real estate and features rules-based components to deliver customized screening decisions on a number of unique screening criteria. Yardi Resident Screening features a proprietary credit scoring model. Clients opting to use VantageScore credit scores will also receive comprehensive rules-based criminal background checks, eviction history, income evaluation, and rental history (from RentBureau®) with Yardi Resident Screening, providing reliable rental recommendations tailored for their business.
“We 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 – while still benefiting from our customized rules-based criminal, eviction, income, and rental history screening,” said Patrick Hennessey, vice president of Resident Screening for Yardi.
Experian is a leading global information services company, providing data and analytical tools to clients around the world. Experian helps businesses manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals check their credit report and credit score, and protect against identity theft. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil. For more information, visit www.experianplc.com.
Yardi has been committed to the design, development and support of real estate investment management and property management software for three decades. With the Yardi Multifamily Suite™, Yardi Commercial Suite™ and Yardi Investment Suite™, Yardi Voyager™ is a full business real estate management platform that includes revenue management, marketing, leasing, CRM, operations, accounting, ancillary services and investment management with portfolio-wide business intelligence and platform-wide mobility. Yardi serves clients around the world from offices in North America, Asia, Australia, Europe and the Middle East. More information about Yardi products and services is available at www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, 1255