{"id":13705,"date":"2020-07-21T15:25:03","date_gmt":"2020-07-21T22:25:03","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=13705"},"modified":"2022-04-14T12:55:46","modified_gmt":"2022-04-14T19:55:46","slug":"credit-report-soft-inquiry","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/credit-report-soft-inquiry\/","title":{"rendered":"Tenant Screening Credit Reports Are Now Soft Inquiries"},"content":{"rendered":"

\"tenantReviewing a rental applicant\u2019s credit report is a common <\/span>tenant screening practice<\/span><\/a> for landlords and property managers. A new update to TransUnion credit reports have made all tenant screening inquiries soft inquiries. This is exciting news for renters, landlords, and property managers.\u00a0\u00a0<\/span><\/p>\n

Rentec Direct provides instant tenant screening report access, including TransUnion credit reports. This latest update means all Rentec Direct credit reports will now result in a soft inquiry for rental applicants and will not affect their credit score.\u00a0<\/span><\/p>\n

Tenant screening reports from Rentec Direct are available to <\/span>property management software clients<\/span><\/a> and members of <\/span>Rentec Protect<\/span><\/a>.\u00a0<\/span><\/p>\n

What is a soft credit inquiry?<\/h2>\n

A soft inquiry takes place when someone pulls a credit report as part of a background check process. Soft inquiries include tenant background checks for rental properties, employment background checks, or a credit check performed by a credit card company without your permission.\u00a0<\/span><\/p>\n

A soft credit inquiry will not affect your credit score.\u00a0<\/span><\/p>\n

What is a hard credit inquiry?<\/h2>\n

A <\/span>hard credit inquiry<\/span><\/a> occurs when a financial institution, like a lending company, bank or credit card company checks your credit when making a lending decision. Hard inquiries generally take place before getting approved for a mortgage, loan, or credit card.<\/span><\/p>\n

A hard inquiry may lower a credit score by a few points.\u00a0<\/span><\/p>\n

Soft Inquiry Benefits for Renters<\/h2>\n

Landlords and property managers evaluate a renter\u2019s credit score and credit history to make an objective decision of an applicant\u2019s financial responsibility. Housing providers often have a <\/span>minimum allowable credit score<\/span><\/a> an applicant must meet as part of their tenant screening approval process. For someone who\u2019s credit is near the minimum, avoiding any sort of activities that negatively impact a credit score is essential. So renters looking for a new home can feel assured that submitting a rental application that includes a background check will not affect their credit score.<\/span><\/p>\n

Landlords and property managers may find it beneficial to market the fact that your background screening credit inquiries are soft credit inquiries. This will help your renter applicants feel more confident submitting a rental application and widen your pool of qualified applicants.\u00a0<\/span><\/p>\n

Tenant Screening with Rentec Direct<\/h2>\n

Rentec Direct offers instant access to <\/span>several tenant screening reports<\/span><\/a> so you can make an informed decision about approving the most qualified rental applicant for your property.\u00a0<\/span><\/p>\n

Screening Reports include:<\/strong>\u00a0<\/span><\/p>\n