TransUnion Enhances Its Credit Retriever Solution

TransUnion announced Thursday that it has enhanced its Credit Retriever applicant screening solution by adding three new automated capabilities: Quick Lease, High Risk Collections and Exclusion Lists.

Quick Lease automatically generates leasing documents by auto-populating all the lease’s relevant fields, making it easy for the leasing agent to quickly print all of the applicant’s documents. Because the process is automated, it greatly reduces human error and increases efficiency. Moreover, customers may electronically save all leasing documents in one place and manage them centrally. Documents are always correct and up-to-date and leases can be renewed simply by updating the stored lease and printing it for the applicant to sign.

The new High Risk Collections solution automatically reviews an applicant’s credit report during the application process and flags anything on a credit report that indicates collections activity from other apartment communities. This provides an objective method of reviewing all resident applications, allowing managers to ensure consistency and better manage issues associated with fair housing and fair credit laws.

Exclusion List assists in collections and mitigates the risk of renting to applicants who owe your management company money or who did not fulfill your lease terms. It highlights those applicants during the screening process that a management company does not want to rent to again. The Exclusion List database may include any names the management company chooses and may be updated automatically by them at any time. The solution fully complies with both the fair credit and fair housing laws.

"Property owners have asked us for these products because they are facing increased regulatory scrutiny and more stringent investor requirements," said Mike Britti, group vice president for TransUnion Rental Screening Solutions. "By automating the screening process, reducing manual labor and subjectivity, management companies can increase their efficiency, reduce potential issues associated with rejecting applicants and improve operations by populating and saving leases electronically."