The Equifax Credit Decision Report is a valuable fraud prevention tool which will verify the prospective tenant's name, date of birth, SIN, current and sometimes previous addresses where a Consumer file exists.
The CDR will also grade the report from A+ to F and give you a recommendation with advice on the delinquency or payment default rate for the grade.
Where there is No Grade Available=a red flag; Click Here for the reasons why!
In addition the Equifax CDR:
- Establishes the credit worthiness of your Prospective Tenant.
- Establishes the truthfulness of your Prospective Tenant by comparing the information from the rental application to information on CDR. Does information match? Often High Risk Tenants will will provide false/inaccurate information that includes addresses because they have stiffed another landlord.
- Shows all R9 & R8 accounts which are closed account due to non-payment. Indicative of BAD PAYMENT PATTERNS!
- Lists public records such as bankruptcies, liens, collections and civil court judgments.
The Equifax CDR saves you time, money and helps to determine credit worthiness.
These fraud prevention tools reduce risk of income loss.
Why does TVS offer CDR and why can't I get a full report?
In July 2009 the rules for landlords/property managers in Canada changed. Both major credit bureaus now require Resellers like TVS to conduct a Physical Site Inspection of each End User's office (yours). Whether it's a home based or a commercial office, , where a FULL consumer report is requested a Site Inspection must be conducted and if your office is home based, then it's an annual inspection. The Equifax CDR does not require a Site Inspection
This Regulation was deemed necessary as a result of Identity Theft and the misuse of tenant credit checks obtained from the Bureaus by both Resellers & End Users. TVS is Site Inspected Annually to ensure strict compliance with this new regulation.
This has drastically reduced identity theft, and with your cooperation and your diligence; we can ensure that this does not happen within our Membership.
Tenant credit checks must always be protected from the possibility of misuse.
TVS together with Equifax designed the iDecision report, and thus far only TVS has been authorized to use it.
