Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Credit Bureau Companies Comparison

Nir

Nir

0
REIN Member
Joined
Dec 5, 2007
Messages
2,880
Hi All,

Which of the following 3 companies is best in terms of service quality and price for the purpose of obtaining potential tenants` credit reports:

1. www.rentcheckcorp.com

2. Tenant Verification Service Inc

3. www.checkfirstonline.com


Well, I guess you know the company you`re working with. Not sure if a comparison between the three exists(?)

I`ll call them to find out more, was just wondeirng if it`s already "public knowledge" who is best.

Thanks,
Neil
 
QUOTE (investmart @ Dec 15 2008, 12:06 AM) Hi All,

Which of the following 3 companies is best in terms of service quality and price for the purpose of obtaining potential tenants` credit reports:

1. www.rentcheckcorp.com

2. Tenant Verification Service Inc

3. www.checkfirstonline.com


Well, I guess you know the company you`re working with. Not sure if a comparison between the three exists(?)

I`ll call them to find out more, was just wondeirng if it`s already "public knowledge" who is best.

Thanks,
Neil


Neil,

We use http://www.cbso.ca/ once set-up with them (300.00) it cost`s 5.10 per credit check. Also being a member helps with collections among other things. All services use either trans union or equifax, so the service should be around the same for most companies.

John
 
I use checkfirstonline and have found them to be very helpful when I have encountered any problems. They have a quick response time and usually give a credit check back to me within a couple of hours.

The membership fee is up to $82 ($23 for each search). The search cost is not of much concern to me as I charge that to my applicants as part of my screening test.
What really matters is response time and customer service which I feel is very good.
 
We also use checkfirstonline. Our experience is similar to Greg`s. They did send someone out to do an onsite verification prior to enabling Equifax service. It was done within a few days of signup and we were authorized the next day.
 
So even excluding the help with collections, beginning from the 13th report you start saving by using John Schutten`s company compared to checkfirstonline assuming you do not charge the potential tenant for that (which I`m not sure I like charging them Greg as it makes you "less competitive" than other landlords not charging their potential tenants).
So the question is how much time it takes to order 13 reports when having around 10 units? well the answer does not depend on the vacancy rate but on the average tenancy term AND the number of reports per search. just sharing the way I make decisions with you

Interesting information - thanks John, Greg and CLW!
John, I know your location is different but approximately what is your average "tenancy term" - 1 year, 2 years, 5 years? Also, how many reports on average approximately do you order per search/unit? 1, 3, 5 report? THANKS.
 
I find charging applicants helps to weed out the tire kickers and those individuals that know they will not pass my screening guidelines. I tell them in advance that they generally need a better than 600 score, no evictions, no criminal record etc.
If you are concerned about competition (which I am not) you can tell the applicant that if successful the fee will be applied to there first month rent.
This should still save you the cost of credit checks on rejects.
 
QUOTE (invst4profit @ Dec 15 2008, 12:31 PM) I find charging applicants helps to weed out the tire kickers and those individuals that know they will not pass my screening guidelines. I tell them in advance that they generally need a better than 600 score, no evictions, no criminal record etc.
If you are concerned about competition (which I am not) you can tell the applicant that if successful the fee will be applied to there first month rent.
This should still save you the cost of credit checks on rejects.


Hi Invest4profit,

Thats a good tip...thanks!!!

Why aren`t you concerned about competition? How do you set your rates otherwise?

Lucas
 
I own a Mobile Home Park so most of my applicants have an offer accepted to buy a home.
I have final approval before the sale can proceed.

However even when I had rentals I always wanted tenants that truly wanted to rent my units so was not concerned with turning people off. Getting the right tenant with through screening was always my first priority.
 
QUOTE (investmart @ Dec 15 2008, 11:30 AM) So even excluding the help with collections, beginning from the 13th report you start saving by using John Schutten`s company compared to checkfirstonline assuming you do not charge the potential tenant for that (which I`m not sure I like charging them Greg as it makes you "less competitive" than other landlords not charging their potential tenants).
So the question is how much time it takes to order 13 reports when having around 10 units? well the answer does not depend on the vacancy rate but on the average tenancy term AND the number of reports per search. just sharing the way I make decisions with you

Interesting information - thanks John, Greg and CLW!
John, I know your location is different but approximately what is your average "tenancy term" - 1 year, 2 years, 5 years? Also, how many reports on average approximately do you order per search/unit? 1, 3, 5 report? THANKS.

Neil,

Average being over a year, 1 year minimum, have some long term as well. Depending on the response for each unit, we can ring up a lot especially in the summer. Generally every applicant gets a credit check before we waste time calling references, work, site visits, etc. $5.10 is not bad compared to a hour or two of admin.

John

Investforprofit,

I have been toying with that idea for an application fee, and credit it back on approval. What do you charge? 10,25,50?
 
We charge a $50 application fee, credited to first month rent if accepted. So far, it has not been an impediment to finding multiple good tenants competing for our vacancies (we have just two properties, so small sample size...). The threat of a credit check has turned away a couple potentials that we probably didn`t want anyway, but the fee hasn`t met with any objection.
 
I only charge the cost of the credit check. Runs about $23. The rest of my time and effort is free.
I generally have a very good idea if I am going to accept a tenant based on a preliminary personal interview. If they pass the personal interview I do the credit check and if they pass that I start the personal background check, employers, friends etc. I also usually drive by there present residence to evaluate there standard of living.
Because my tenants tend to stay a very long time and are difficult to get rid of because they own the home I must be very selective who I let into the property. The wrong type could have a negative impact on my investment and on the rest of my tenants.
 
John, do you get reports from Equifax, Transunion or both? any preference? THANKS.
 
QUOTE (investmart @ Dec 15 2008, 05:45 PM) John, do you get reports from Equifax, Transunion or both? any preference? THANKS.

When TransUnion entered Canadian market many years ago, they were stronger in some parts of Canada than in others. Today both TU and Equifax are offering very similar value in their credit reports. I wouldn`t worry about which of them is better, and see what deal you can get for purchasing credit files.

By the way, both Beacon score (Equifax) and Empirica (Trans Union) are built by Fair Isaac Corporation and are roughly of the same value, i.e. Beacon of 600 should approximately be equal to Empirica of 600.
 
You must log in or register to reply here.
Back
Top Bottom