Soft Pulls for Renters

[Anonymous]

I literally just stumbled upon this and thought I would share.  Its called mysmartmove by transunion.  I have not read all the details but it seems that for as little as 20 dollars and as much as 30 dollars, renters will be able to apply for apartments without the fear of hard pulls.  Plus added benefits such as not giving the potential landlord/apt complex your personal info and SSN.  This info is given to TU by you, the renter.

According to TU:  

What does it mean that SmartMove is a ‘consumer-initiated service’?

Unlike other tenant screening services, the consumer is the one who actually initiates the release of his or her credit and criminal data with SmartMove. This arrangement benefits both landlords and consumers. For landlords, it reduces the paperwork and long approval process required to initiate a credit inquiry on a consumer. For consumers, initiating the release of their own data is considered a "soft inquiry," which does not impact their credit score.

And

According to TU:

I have seen similar solutions marketed online. What makes SmartMove different?

Two factors separate SmartMove from anything else you might find out there.

• There is no lengthy enrollment process—simply create an account and begin using SmartMove immediately.
• SmartMove enables the applicant to initiate the release by giving their consent in a secure, online environment.
• Because the applicant initiates the screening, it posts to his or her credit file as a "soft inquiry" which does not affect his or her credit score.

And

According to TU:

Will this impact my credit score?

No. That's one of the best parts about SmartMove. Since the applicant initiates the release of his or her own data, it's considered a "soft inquiry," which does not impact his or her credit score. When a landlord initiates the credit check, much like when a consumer applies for a loan or a credit card, it results in a "hard inquiry" on his or her credit report which can negatively impact his or her overall score depending on other variables.

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So, this looks like a great way to ensure that your new apartment isn't going to hurt your credit.  Has anyone ever heard of this?  Or has use this?

[RobertEG]

Hogwash.

If the consumer gives consent, and thus initiates an inquiry, it entitles the party to a complete CR, and can be coded such that the inquriy is included in a consumer credit report.  By consenting, the consumer gives up the need of the inquiree to present a permissible purpose under FCRA 604.

They may be making inquires in a manner that results in coding as soft, but their statement that the consumer initiation of the inquiry mandates such coding is untrue.

[Anonymous]

Well this is according to TU.  So, I am sure it is correct.

The way it works is that the renter enters their personal info (SSN, and other info) in TU's website itself.  Not the landlord.  And not thru a 3rd party app.

So in this way, I believe TU.  As it is the renter that is entering (maybe better word is "requesting") their CR and Criminal records directly from TU and then TU shares this info with the landlord.

[mmmlive1999]

I use this tenant screening system for my tenants so they get the soft pull but still request a SSN. As a landlord you do have to verify(to the best of your ability) that you are renting to people that are legally residing in the country, therefore as a renter you will often need to provide your SSN with an ID,Visa and/or other documentation at the time of application. This is the policy for most property management firms and privately owned apartment complexes, you man not run into this as much when renting a house from a private owner.

[Anonymous]

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@mmmlive1999 wrote:

I use this tenant screening system for my tenants so they get the soft pull but still request a SSN. As a landlord you do have to verify(to the best of your ability) that you are renting to people that are legally residing in the country, therefore as a renter you will often need to provide your SSN with an ID,Visa and/or other documentation at the time of application. This is the policy for most property management firms and privately owned apartment complexes, you man not run into this as much when renting a house from a private owner.

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True.  Totally agree.  I think the idea is that, only if you are not approved during the screening process, then that is one less person who has access to your SSN and other personal info.  But then once the renter does pass the screening process, and they still want to rent the apartment, then they would have to provide their SSN to the landlord on the rental app/agreement.