RentalsTechnology

RentalRoost partners with Experian to launch credit sharing tool for tenants

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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 Rental Roost credit report.

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.

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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.

Email Erik Pisor.