Experian announced Friday a new website designed specifically for the tenant screening industry. The website will provide instant rental decisions to property managers and tenant screeners. Experian's new website will provide tenant payment history, residence history including length of residence, and fraudulent application information. Of course, given Experian's lackluster history at accuracy regarding financial credit reports, tenants need to beware. Fortunately, the protections of the Fair Credit Reporting Act also apply to tenant consumer reports.
Much like Experian's credit reports, the tenant history reports will provide a score which can be used to determine the risk of renting to the potential tenant. Just like credit reports, Experian will be required to provide copies of its reports regarding tenants upon request for a small fee.