Equifax Introduces Soft Credit Inquiry Checks for Tenant Screening
Shopping for an apartment can really put a ding in your credit score. This happens when you fill out multiple applications, and wind up with multiple “hard inquiries” on your credit. Now there may be a way around this problem, courtesy of credit bureau Equifax.
To keep consumers from having negative impacts to their credit scores in the highly-competitive rental market, Equifax has enhanced its suite of multi-family credit solutions to include credit checks with soft inquiries for tenant screenings.
As of June 2018, 36 percent of all occupied homes across the country were rented, an increase from 31 percent in 2006, according to Zillow.
Soft credit inquiries do not impact a consumer’s credit score like hard inquiries. Instead, they are credit checks that are typically only visible to the consumer, and are not used to calculate credit scores.
Equifax will provide credit reports with soft inquiries for the multi-family industry. The credit report continues to give property managers the same valuable consumer information they need to assess renters and mitigate risks without affecting an applicant’s credit score.
Additionally, other multi-family solutions offered by Equifax include income and employment verification, mobile identity and fraud solutions. For more information, please visit the Equifax Multi-Family Solutions web page.
Find out more at www.equifax.com.
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