Need to Know!

The Future of Tenant Screening –® Update

September 23, 2014 11:48 pm

MSR_FacebookAd_7.2015On October 1, 2009, Moco Incorporated introduced the industry’s first comprehensive direct-to-consumer tenant screening product under the® (MSR) brand.

On October 13, 2014 – almost exactly five years after the initial launch – Moco will introduce the second generation of this
innovative product – incorporating Experian’s ConnectSM technology, making MSR a hybrid direct-to-consumer and traditional tenant screening product.  The tenant screening transaction can now be initiated
by either the landlord or consumer.

End-users (landlords) are now electronically credentialed – to confirm that they are who they say they are and that they have permissible purpose to access consumer reports (including tenant screening reports) in full compliance with Section 607 of the Fair Credit Reporting Act.  The process offers the dual benefit of protecting applicants against unauthorized access to their information and leaving no question as to the authenticity of the report.® (MSR) is a fully transparent, legally compliant and inherently portable tenant screening service.  It was developed in collaboration with the low income housing community in Eastern Washington – with two goals in mind.

  • Reduce the financial burden on low income and other hard to place applicants who often pay multiple tenant screening fees before the finding a landlord (frequently a private landlord) who will accept them; and
  • Provide a tenant screening solution for independent rental owners (private landlords) who often serve the low income housing community and who, due to the intricacies of state and federal consumer reporting law, may lack access to quality tenant screening products;

The process looks like this:

  • Landlord signs up.  No charge.
  • Landlord invites applicant to apply. No charge.
  • Applicant signs up, orders and pays for report.
  • Report is completed – applicant is notified.
  • Applicant logs in – views report.
  • Applicant shares report with landlord. No charge.
  • Landlord logs in, views report & accepts or denies applicant. No charge
  • Denied applicant may share report with additional landlords for 30 days.  No charge.

Applicants must “view” their report before sharing it with prospective landlords – which gives them an opportunity to dispute anything they believe is reported in error before it impacts their search.  The transparency of this model is not only popular among applicants; it reduces the legal, regulatory and business risk associated reporting errors – which are quite rare, by the way.

A new credit report is provided each time the report is “shared” (via®) – leaving no question regarding the currency of the Experian® credit profile and Vantage 3 credit score.  All credit inquiries are “soft” – meaning they are recorded but only visible to the consumer and have no impact on the applicant’s credit score.

The growing popularity of® increases the likelihood landlords will encounter an MSR report.  It is up to the landlord, of course, whether to accept them or not – keeping in mind that report quality is excellent and, at minimum, the report will provide insight into whether the applicant will qualify under the landlords criteria.

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