RentPlus reports only to Equifax and TransUnion. RentTrack reports to all three Credit Bureaus - Equifax, Experian, TransUnion. The credit bureau used in making decisions varies by lender, industry, geography. Most institutions make decisions based on an average of all 3 credit bureaus information. Not reporting to all 3 national credit bureaus will result in a inconsistent credit history. This can impact your residents negatively i.e. denial and/or less than favorable terms and may result in consumer disputes. Here are the advantages of RentTrack:
No setup or need to change anything that you are currently doing for payments
RentTrack is both a Data Furnisher & Credit Reporting Agency – our staff is FCRA certified we handle all customer service
Monthly revenue stream to Property Managers
TurnKey custom marketing campaigns
Report unpaid balances to the bureaus at the end of a lease, an additional tool for collecting monies from tenants
Attract and retain better tenants - A valuable leasing incentive that reduces turnover at properties.
Reduce payment delinquencies & Skips - Tenants see that rent affects their credit
Tenants see Rent Reporting as an asset, 51% of surveyed renters would be more likely to choose a property if their payments are reported
Rent reported to all major credit bureaus- just like a mortgage payment
Monthly updated credit score & summary of their credit accounts which includes total accounts, credit used, potential negative marks
Credit Monitoring - tenants would have the ability to monitor key changes to tenants credit file and alert them to help detect fraud.
Would have the ability to report up to 24 months of previous rent payments
Average 51 point increase to your tenant's credit score.