What is TransUnion SmartMove? Screening Explained for TCs

As Transaction Coordinators, we’re often tasked with ensuring every ‘t’ is crossed and every ‘i’ is dotted—whether it’s a sale or a rental transaction. Understanding key services that streamline processes is crucial. So, what is TransUnion SmartMove? It’s a dedicated online screening service offered by TransUnion specifically designed for landlords and real estate professionals to conduct background checks on prospective tenants. It provides fast, reliable reports directly from TransUnion, making it a go-to tool for verifying applicant information without sharing sensitive data.

Navigating the world of tenant screening can feel like sorting through a filing cabinet the size of a warehouse, but knowing services like SmartMove simplifies things immensely. It helps landlords make informed decisions, which, in turn, makes our job as TCs smoother and more efficient. Let’s dive into the specifics of this valuable tool.

Understanding TransUnion SmartMove

TransUnion SmartMove isn’t just a basic background check; it’s a comprehensive suite of reports tailored for the rental market. It leverages TransUnion’s vast consumer data to provide landlords with critical insights into an applicant’s financial reliability, rental history, and criminal background. This helps in assessing risk and choosing responsible tenants. Essentially, it puts the necessary information at your client’s fingertips quickly and securely.

Key Features and Benefits of SmartMove

• Credit Reports: SmartMove provides a detailed TransUnion credit report and a ResidentScore, which is a credit score specifically designed for the rental industry, predicting the likelihood of an applicant paying rent on time compared to a standard credit score.
• Criminal Background Checks: It searches national and state databases for criminal records, giving landlords insight into an applicant’s past.
• Eviction History: This is a crucial one for landlords. SmartMove provides a comprehensive report on an applicant’s prior eviction filings and judgments.
• Income Insights: While not always a full income verification, SmartMove can offer income insights to help assess an applicant’s ability to pay rent.
• Online and Fast: The process is conducted entirely online, and reports are typically available within minutes after the applicant verifies their identity and authorizes the check. This speed is a significant advantage, especially in competitive rental markets.

How Does TransUnion SmartMove Screening Work?

The process for using TransUnion SmartMove screening is straightforward and secure for both the landlord (or their representative, like a TC) and the applicant. The landlord initiates the request online, specifying the reports needed. The applicant then receives an email invitation directly from SmartMove. They log in, verify their identity (which can involve answering security questions based on their credit history), and authorize the release of their reports. Once authorized, the reports are typically available to the landlord almost instantly on the SmartMove dashboard. This tenant-initiated process adds a layer of security and compliance.

TC Tips: Utilizing SmartMove Efficiently

For Transaction Coordinators, incorporating TransUnion SmartMove screening into your rental transaction workflow can add significant value. Here are a few tips:

• Educate Your Clients: Explain the benefits of using a reliable service like SmartMove and what each report provides. Help them understand the ResidentScore.
• Integrate into Application Process: Make SmartMove a clear step in your documented rental application process. Provide clear instructions to applicants on what to expect.
• Standardize Review: Develop a consistent method for reviewing the reports with your client. What are the key red flags for them? What are their criteria (e.g., minimum ResidentScore, income-to-rent ratio)?
• Ensure Compliance Awareness: While SmartMove is designed for compliance, remind clients about Fair Housing laws and the importance of applying screening criteria consistently to all applicants.
• Be the Go-To: Position yourself as knowledgeable about the screening process. Applicants may have questions; being prepared helps build confidence.

File that under ‘must read’ for boosting your TC toolkit!

Why SmartMove Matters for Transaction Coordinators

Knowing what is TransUnion SmartMove and how to use it effectively enhances your service offering. It helps your landlord clients mitigate risk by providing reliable data on potential tenants, potentially reducing issues like late payments, property damage, or evictions down the line. By managing the screening process (or guiding your client through it), you streamline another complex part of the rental transaction, proving your value beyond just paperwork management.

Analysis & Insights: Best Practices in Screening

Effective tenant screening, powered by tools like SmartMove, relies on consistent application of criteria. Landlords should establish clear, non-discriminatory screening standards *before* reviewing applications. This might include minimum credit scores (or ResidentScore), income requirements (e.g., 3x the rent), and clear guidelines on how criminal history or eviction records will be assessed. Documenting these criteria is crucial for compliance and fairness. While SmartMove provides the data, the landlord’s interpretation and decision-making process must adhere to all applicable laws, including the Fair Housing Act.

TransUnion SmartMove FAQs

Q: What specific reports does SmartMove provide?
A: SmartMove typically provides a TransUnion credit report with ResidentScore, a national criminal background check, and a national eviction report.

Q: How long does a SmartMove screening take?
A: Reports are usually available within minutes after the applicant successfully verifies their identity and authorizes the report sharing online. The overall time depends on how quickly the applicant responds to the invitation.

Q: Who typically pays for the SmartMove report?
A: In most cases, the prospective tenant pays the fee directly to SmartMove when they authorize the reports. Landlords do not handle payment or see the applicant’s sensitive payment information.

Q: Is TransUnion SmartMove compliant with housing laws?
A: Yes, SmartMove is designed to comply with the Fair Credit Reporting Act (FCRA). However, landlords must use the reports lawfully and adhere to Fair Housing regulations when making decisions.

Resources

For more insights into real estate processes and how technology can help, check out these resources:

• Rebillion’s Real Estate Blog – A great place for industry trends and tips.
• Rebillion.ai – Explore how AI is impacting real estate workflows.
• Rebillion’s Transaction Coordinator Automation Tools – Discover tools designed to make your TC life easier.

Conclusion

Understanding what is TransUnion SmartMove and integrating it into your service offering empowers you to better assist clients in the rental market. It’s a tool that provides essential information efficiently and compliantly. By mastering its use and guiding your clients, you reinforce your position as an invaluable asset in every transaction. Ready to streamline your processes? Explore automation solutions that can integrate tools like screening checks into your workflow and keep all that crucial paperwork perfectly organized.

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