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Takeaways:
- RentalRoost has teamed up with Experian to offer tenant credit reports.
- The reports cost consumers $34.99 to send to up to five landlords.
- Tenants can view the reports before sending to a landlord.
RentalRoost Inc., together with Experian, has launched a credit report sharing tool that allows tenants to share credit history with a landlord without affecting their credit score.
According to RentalRoost, its report with SecureShare is a “soft hit” on an individual’s credit and will not negatively impact the overall credit score.
For a one-time cost of $34.99, an individual can securely share their Roost Report with up to five landlords. The company estimates that rental applications and screening costs an average of $50 per property.
An example of the RentalRoost credit report.
If an individual wants to send only one report to one landlord, RentalRoost charges the tenant $14.99. Additionally, tenants can view their report before they share it with a landlord.
Using this credit report tool is free for landlords and allows them to request a credit report and score from prospective tenants. With those tenants’ permission, the landlord may obtain access to the report, which features verified credit information directly from Experian.
Prior to finding a rental home, RentalRoost users can also search the site for neighborhoods and properties using criteria such as school quality, kid-friendliness, transit options, entertainment scores and pet-friendliness.
The site also provides Facebook IQ, which uses social media data from users’ Facebook account to make personalized housing recommendations to help tenants find their ideal home.
A recent survey from Experian Consumer Services shows that a number of potential first-time homebuyers may have to wait, as they are not preapproved for a loan and must work on their credit in order to obtain a low interest rate.
Roughly 67 percent of future homebuyers are not preapproved, with 45 percent of potential first-timers delaying the purchase of a home because they need to boost credit, according to Experian.