TORONTO, ON / ACCESSWIRE / October 28, 2021
Building credit is hard to do. Especially for those who have experienced a few hiccups along the way. FrontLobby is offering a game-changer for renters and landlords alike with some of their new tenant screening features. These features are designed to incentivize tenants to stay on top of rental payments by helping them build credit and helping landlords improve the timeliness of payments while reducing their overall eviction rates. Everyone wins.
What are the Benefits of Our Rental Credit Check for Tenants?
Tenants have a lot to gain by consenting to have their rental payment information shared with the credit bureaus. Future landlords can then run the standard landlord credit check and see for themselves that you have a history of making on-time rental payments. Your credit report will stand out against the standard credit check or credit report that doesn’t include rental payment histories.
Having your rental payments reported to the credit bureaus also improves your credit report; it provides an official rental history of on-time payments, giving your credit a boost. Having your rent payments reported, you will be opening the doors to better rentals in the future while helping you improve your credit so that the next landlord credit check shows you to be the best candidate.
What are the Benefits of Our Unique Landlord Credit Report for Property Owners?
Tenant screening is no fun for landlords. In a perfect world, you’d be able to develop a rapport with potential tenants and just know they are going to be ideal. The next best thing is FrontLobby’s landlord credit check, which allows you to see the rental history of prospective renters and not just their credit histories.
For most people, rent is the single largest monthly expense. Since a standard credit report doesn’t include information about rental histories or the timeliness of payments, it’s a leap of faith to rent your property to someone. Or, at least, it was a leap of faith. FrontLobby shows you a history of timely payments, giving you greater peace of mind.
Additionally, encouraging renters to participate allows them to build a stronger credit history while encouraging them to pay their rent on time each month. It’s much more important when they know it will show up on their next credit report. This leads to landlords spending less time chasing down rent payments, lower eviction rates, and the ability to attract tenants who are interested in building their credit.
How Does FrontLobby Work?
Landlords use FrontLobby (an application) to report their tenants’ rental payments to Equifax and Landlord Credit Bureau. With Equifax, the rental history is reflected as a tradeline on a tenant’s credit report and helps them build better credit scores. When shared with Landlord Credit Bureau, the rental history is reflected on a Tenant Record and provides the contact information for previous landlords so that future landlords can check references from verified landlords. When landlords conduct credit checks on potential tenants, using FrontLobby, they will receive information from both Equifax and the Landlord Credit Bureau.
Finding the right tenant is not always easy. FrontLobby is doing its part to make it easier for great landlords and great tenants to find each other. Asking renters to participate gives them the opportunity to improve their credit scores and may even make it easier for them to rent, or even buy homes in the future. Both win when tenants agree to participate in rent reporting and take advantage of the potential benefits it has to offer. The tenant credit check and screening process just got much easier for landlords everywhere.
FrontLobby’s mission is to empower the businesses and lives of landlords and property managers while enriching the lives of responsible tenants.
FrontLobby provides the means and tools for landlords to attract great tenants, reduce the frequency and impact of delinquencies, and drive operating efficiencies while providing tenants-seeking to establish or rebuild credit-with an effective way to improve their credit.
In doing so, FrontLobby enables landlords to increase revenue while decreasing the time it takes for responsible tenants to unlock and access future credit-related rewards for themselves and their loved ones.
For more information, visit: http://www.frontlobby.com