After a landlord requests a screening report for an applicant, they will receive an email asking them to verify the screening. In order to process the screening, the applicant must complete the verification. This is required because TurboTenant uses a screening company that runs a "soft" inquiry instead of a "hard" inquiry.
The main difference between hard and soft inquiries is how they affect credit. Hard inquiries are run by financial institutes and affect the credit of the applicant. These inquiries are run when applying for a mortgage, credit card, student loan, or auto loan. Some landlords also run hard inquiries on their applicants, but it requires an additional security review process and a physical onsite inspection at the landlord's home or office.
The TurboTenant screening process uses a soft inquiry, like those that are run when you want to check your own credit. The most significant benefit is that a soft inquiry will not affect the applicant's credit, which can be an obstacle for potential applicants who may be applying to multiple properties.
When your applicant receives the email verification, it is as though they are running a check on their credit and sharing the information with you. Through this method, landlords do not need to collect the applicant's social security number. It also allows the applicant to have privacy and control when it comes to providing their personal information during the application process.
Additionally, with this method of screening a landlord is not required to have a physical on-site inspection performed at their home or office.
We make the process convenient, fast, and easy for landlords to get up and running with full credit, criminal, and eviction reports in minutes, instead of weeks!