The TVS CDR is a valuable fraud prevention tool which will verify the prospective tenant's name, date of birth, SSN, current and previous addresses where a file exists.
The CDR will grade the report from A+ to F and give you a recommendation with advice on the delinquency rate for the grade.
Where there is No Grade Available=a red flag; Click Here for the reasons why!
In addition the TVS 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 TVS CDR. Does information match? Often High Risk Tenants will misstate information that includes addresses because they have stiffed another landlord.
- Lists public records such as bankruptcies, liens, collections and civil court judgments.
- Checks OFAC (terrorist list) to keep you compliant with the Patriot Act
The TVS CDR is a compilation of information from Lexis Nexis and Experian Credit Bureau, the report is broken into two parts.
Lexis Nexis: This information is an Applicant Identification Report and lists all previous addresses which the full credit report does not. The TVS CDR gives you a recommendation which the full Credit Report does not, if you want the bottom line, i.e. good credit history, bad credit history, the TVS CDR is the way to go. There is no site inspection required for this report; it is straightforward, easy to read and your application can be activated within minutes. You can order a site inspection at a later date if you wish.
Experian Credit Bureau: This information helps you to determine the credit worthiness of the prospective tenant and as noted above the report grades the credit history, this is an integral part of your tenant screening process. The Recommendation in this report gives you valuable Tips & Advice on what else you can do to determine Tenant Worthiness; this should also be part of your tenant screening process. Sometimes tenants do not have a good credit history but they are good tenants and make their rent payments on time, the TVS CDR will tell you how to do that.
The TVS CDR saves you time, money and helps to determine credit worthiness.
These fraud prevention tools reduce risk of income loss.
Why does TVS have a CDR and why can't I get a full report?
In January 2007 the rules changed. All major credit bureaus now require Resellers like TVS to conduct a Physical Site Inspection of each End User's office (yours), whether home based or a commercial office.
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. This has drastically reduced identity theft, and with your cooperation and your diligence; we can ensure that this does not happen within our Membership. TVS servers have Site Secure Certification.
Tenant credit checks must always be protected from the possibility of misuse.
