What is a ResidentScore®?
ResidentScore® is TransUnion’s proprietary, industry specific, statistical model that predicts bad outcomes. TransUnion gives a ResidentScore® that is designed specifically for Property Management Companies to help give you the most accurate score and report for the guidance of applicants being less likely to be evicted.
Benefits
ResidentScore® determines the estimated eviction risk for each application.
- Optimizing ResidentScore® for your properties means setting the right decision points.
- Decision points, credit thresholds, and cut points are all the same word for the criteria set to help you approve your applicants based on their creditworthiness.
- Applications are scored with ResidentScore® on a range from 350 to 850, with 850 representing the lowest eviction risk.
- TransUnion’s product and compliance teams monitor regulatory changes across jurisdictions.
- Depending on the ordinance, we may implement updates to ResidentScreening to ensure compliance.
- When updates could potentially impact your screening process, we will send a notice to inform and educate you regarding changes you might want to make in your ResidentScreening settings or screening processes.
- In a head to head comparison, using actual leasing outcomes, ResidentScore® outperformed every model tested!*
TransUnion screening integration reflects a single ResidentScore® on a range from 350 to 850. RentGrade without TransUnion integration scores applicants on a range from 350 to 850.
In a head to head comparison, using actual leasing outcomes, ResidentScore® outperformed every model tested.
* results from an internal TransUnion analysis based on the number of evictions at typical industry decline rates.
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Quality & Breadth of Data
Built utilizing over 1500 credit attributes and eviction history of 3 million active renters.
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Best in Class Model
Powered by machine learning since 2013 and refreshed as renter behavior changes.
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Superior Outcome Predictions
Validated with rental tradelines and National eviction data, ensuring performance across all renter populations.
Explanation Of TransUnion ResidentScore®
TransUnion provides a ResidentScore®, not a FICO score and uses a scorecard model that evaluates an applicant’s credit history. There are several different factors that comprise the ResidentScreening score along with the bureau score, including Income to Rent, # of inquiries, the average age of tradelines, % of revenue to debt, percentage of bank tradelines to total tradelines, percentage of tradelines never delinquent of total tradelines, months since most recent delinquency and number of major derogatory ratings.
Specifically, there are four models that are used. The first step is to determine 1) the size of the credit file (thick vs. thin), and 2) the overall health of the file (“clean” vs. “dirty”). Based on which category an applicant fails into will determine which model is used to score an applicant.
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Thick & Clean
Some important indicators of future performance include:
- Ratio card balance vs. line of credit
- Months since most recent delinquency
- # of accounts at greater than 50% of credit limit
Total of 13 variables factored into the applicant’s Rental score (ResidentScreening score)
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Thick & Dirty
Some important indicators of future performance include:
- Percent of accounts opened in the last 24 months
- Months since most recent delinquency
- # of accounts at greater than 50% of credit limit
Total of 13 variables factored into the applicant’s Rental score (ResidentScreening score)
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Thin & Clean
Some important indicators of future performance include:
- Percent of accounts opened in the last 24 months
- Months since most recent delinquency
- # of accounts at greater than 50% of credit limit
Total of 13 variables factored into the applicant’s Rental score (ResidentScreening score)
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Thin & Dirty
Some important indicators of future performance include:
- Number of collection accounts (not including medical-related collections)
- Percent of accounts opened in the last 24 months
- Ratio of accounts with high balance
Total of 12 variables factored into the applicant’s Rental score (ResidentScreening score)
Similar to FICO or Vantage, the new ResidentScreening score is in a range of 350 to 850. While the new ResidentScreening score will not completely align with the more common FICO or Vantage score, there will naturally be some correlation.
What Is On My ResidentScore®?
If you are an applicant you have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency that provided the report or through Background Data Solutions (a TransUnion Rental Screening Solutions, Inc. company) consumer relations at 1-800-230-9376 or HERE. Additional information about the dispute process can be found at HERE.
Ready to Get Started or Have Questions?
Fill out the form below and we will be in touch!
Note: if you are an Applicant and fill out the form below, RentScreener will not reply. All application questions must be directed to the Landlord/PM you are applying with.
All Applicant support and questions regarding your application, status of your application and refunds, or any of the common issues listed below, will need to be addressed to the Property Management Company or Landlord they are applying with, not by RentScreener.
Common Issues:
- What is the status of my application?
- Did you receive the documents I emailed?
- Why was I denied?
- Please refund my application fee.
- How do I get a copy of my credit report?
- How do I change or add information to the application I submitted?
- I want to withdraw my application.
- Did you receive my application?
- Why do I see a charge from RentScreener?