Benefits Of The National Credit Report For Tenants

“Benefits Of The National Credit Report For Tenants” written by Mike Marko

What is a national credit report?

As a tenant, you may come across this term when you’re looking for a place to rent.  It’s very common for property managers to run a national credit report when they screen for the best tenant.

As a tenant, you should be familiar with the national credit report. Being knowledgeable about this will help you be better prepared to get the rental home you want.

That’s why today I want to talk to you about the “what” and processes that make up the national credit report.

5 Benefits Of The National Credit Report

When doing a simple online search on “what is a national credit report, the results will give you 1000’s of references but in fact, there is only one company that does the national credit report.  This article will simplify things for you so that you won’t have to spend a lot of time understanding a long list of what it is and what is not a national credit report.

The national credit report is something that a property manager can take advantage of during the tenant screening process of applying tenants. That means you as a tenant need to understand how this process works.

National Credit Report

What is a national credit report?

A national credit report is a website that can help property managers to easily check the background credit reports and financial history of their potential tenants. The national credit report is connected to the three major credit bureaus and reviews and utilizes the financial data on your prospective clients.

Property managers who are members of have privileges to access credit, identity theft, and family safety features of the site depending on the level of membership that was acquired. With all these features, the information that will be provided will be useful in assessing whether an applying tenant is deserving to be accepted on their rental application.

Generally, the reports that are produced for review looks like normal credit reports done nationally but it functions more than that. The reports provide more comprehensive information than a usual credit report provided by a single credit bureau.

The National Credit Report will provide three full credit reports. These credit reports are from the three major credit bureaus( Equifax, Experian, and Transunion). Property managers often find it is more beneficial to utilize the credit reports and credit scores from Equifax, Experian, and the TransUnion.

1. Three-Bureau Credit Reports and Scores

With the national credit report, you won’t need to hassle yourself from checking each credit bureau separately for a credit report.

The credit report provides all three credit reports from the three credit bureaus. Having this credit report means you get to easily compare credit scores between the three credit bureaus. This will be more convenient for property managers since the information from all the credit bureaus is at their fingertips. Additionally, since each credit bureau utilizes different factors in scoring credit you get a comprehensive view of your financial information and credit history.

By signing up to the National Credit Report site, landlords will gain access to your tenant’s credit reports and credit scores. You can easily view credit reports and credit scores by just visiting the site.

2. Daily Credit Monitoring

A national credit report will help you monitor changes in your daily credit. This means you get to check if there are sudden changes in paying behavior when it comes to your credit.

Having a credit service that updates reports daily on your credit and financial behaviors is important to stay up to date on any changes that may have occurred without your knowledge. The site’s credit monitoring will help continuously check your credit reports for you. They will also alert you whenever there are changes or additions that have appeared.

Some of the alerts you will receive will be the following:

   If an organization decides to check your credit

   If there is a change in personal information

   Any delinquency or piece of negative information added

   A new account opened under your name

Through the daily credit monitoring of National Credit Report, you will see any fraudulent activities that may ruin your credit. This information could be utilized in the property manager’s final decision process to determine if they will rent to you.

3. ScoreTracker™ and ScoreCast™

The National Credit Report site provides its members the ScoreTracker and ScoreCast. These features help you monitor the credit status of their tenants.

What is ScoreTracker and ScoreCast?

ScoreTracker displays the credit scores from the three credit bureaus namely, TransUnion, Experian, and Equifax.

Whenever there is a change or an update for every new piece of information to your tenant’s credit reports, the ScoreTracker will immediately display the changes in the credit scores as well. The ScoreTracker will provide a history of your tenant’s credit score for the past twelve months.

On the other hand, ScoreCast helps you see how a credit score could change. If there are certain actions taken, like paying a debt or missing a monthly payment, the ScoreCast of the National Credit Report lets you see these changes on your credit.

4. Identity Theft Reimbursement Insurance*

The identity theft reimbursement insurance of the National Credit Report gives its members the security and protection of their identities.

Who would want their identities taken by some other person anyway?

You always need to be aware that there is identity theft.  While there is identity theft insurance to help provide reimbursements to crime victims, there is still the huge hassle involved.

The identity theft reimbursement insurance of the National Credit Report covers expenses of its members. The reimbursement insurance may be able to cover your phone bills, lost wages, and even notary and certified mailing costs. It also covers attorney fees prior to the consent of the insurer.

5. Dispute Center

When a credit report seems to be wrong, the dispute center of a national credit report will help solve these issues for you. Errors may sometimes appear on your credit report. This may affect credit reports and credit scores.

The dispute center helps correct these errors or fraudulent items on a credit report. Errors on a credit report can greatly affect you since any future transactions might be affected.   If not resolved, your transactions will have a greater possibility of being declined.

If you found any error on your national credit report, you can ask for the assistance of the dispute center to check these errors for you as soon as possible.

Final Thoughts On The National Credit Report

Know about the national credit report can be very useful for tenants. It helps you understand some of the criteria that property managers will be using to evaluate whether to rent to you.

I hope I was able to provide a better understanding of how beneficial it is to have a national credit report for property managers.  If you have any questions or comments, be sure to write them below.




Suggested Articles:
1. The Importance Of The Credit Check For Landlords
2. Tips For Choosing The Right Tenant
3. How A Tenant’s Background Check Affects Renting A Property

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Disclaimer: This commentary is a matter of opinion provided for general information purposes only and is not intended to be taken as investment or trading advice under any circumstances. Information and analysis above are derived from sources and utilizing methods believed to be reliable, but we cannot accept responsibility for any losses any person may incur as a result of this analysis. Individuals should consult with their personal financial advisers. By using this web site or any information contained in it, the user specifically and expressly agrees that no advisor-client relationship is created between said user and any author, owner, executive, or principal of this web site by either use of this web site, or by any information, product, or service offered by or on this web site. No express or implied guarantees or warranties as to investment or trading results are made, and any perceived insinuations of such are hereby expressly disclaimed.


Article: Benefits Of The National Credit Report For Tenants

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