How to Read A TransUnion Credit Report:
Landlord Edition

Finding the right tenants for a property is no easy task. That’s why utilizing credit reports as part of your tenant screening process is so important. Critically, credit reports show tenants’ ability to pay rent and any financial roadblocks that could get in their way.

Below, we’ll cover how to read a TransUnion credit report and some of the key pieces of data that landlords analyze when running a credit check.

Let’s jump right in.

TransUnion Tenant Background Checks: What makes them unique?

Like most screening reports, TransUnion reports include personal information, tradeline accounts, and other relevant data. But what makes TransUnion reports unique is their proprietary Resident Score. A Resident Score looks like a credit score, but TransUnion designed it to prevent evictions.

According to TransUnion, Resident Scores can determine if an applicant will face eviction 15% better than competitor reports. For landlords who want to protect their cash flow, a TransUnion credit report, as part of a thorough tenant screening process, can help mitigate financial harm.

Let’s examine the key portions of a TransUnion credit report, so you know what you’re looking at.

Breaking Down the TransUnion Credit Report

Below, we’ll go over the main components of a TransUnion credit report.

Credit/Resident Score

A credit score, or Resident Score on a TransUnion credit check for tenants, is comprised of three numbers. It provides a numerical glimpse at a renter’s creditworthiness in the context of paying rent on time. TransUnion calculates it using amounts owed, credit history length, new credit accounts, credit mix (which encompasses various types of loans and credit cards), and payment history.

Identifying Information

The personal information on a TransUnion credit report includes a tenant’s name, current address, past addresses, phone number, and place of employment. Depending on whether the applicant-provided information matches what TransUnion has on record, the report will indicate whether TransUnion verified their identity or not.

If they find any discrepancies, the report will highlight them as potential fraud indicators. Reasons for a fraud indicator callout include mismatched addresses or Social Security numbers (SSNs).

Profile Summary

In the profile summary section, you’ll find the number of tradelines (credit accounts), accounts in collections, credit inquiries, negative tradelines, and tradelines with historical negatives.

Historical negatives indicate how often an applicant missed payments in the past.

Tradelines Breakdown

Tradelines are credit accounts. There are three types, including collections accounts. They include:

• Revolving: credit lines and credit cards without fixed payments
• Installment: mortgages, auto loans, personal loans, and student loans with fixed payment amounts
• Collections: revolving or installment accounts that a collection agency bought

The report displays which accounts have been opened or closed, as well as the remaining balance in existing accounts. Further, you’ll see records of on-time and late payments displayed on a calendar of payments.

Collections

You guessed it: In the collections portion of the report, landlords will find information about accounts that a collections agency purchased. If the applicant has accounts in collections, you’ll see how many, the amount owed, and the credit grantor’s name.

Public Records

Public records are critical information that landlords should consider before moving forward with a tenant. Public records information includes tax liens, civil judgments, and bankruptcies.

Additional information includes plaintiffs and reported dates.

How TurboTenant Uses TransUnion Credit Reports

At TurboTenant, we conduct an extensive tenant screening process in partnership with Rent Butter. TransUnion supplies essential credit information to help you find the most qualified tenants for your property. It takes less than five minutes to run the credit check.

Rent Butter takes it one step further by performing thorough background and eviction checks, which are included in a single, easy-to-read tenant screening report.

Now that you know how to read a TransUnion credit report and what it includes, we hope this process feels less intimidating. If you’ve been looking for property management software that takes these items, rent payments, and more off your to-do list, we’ve got it handled.

Interested in a mailed TransUnion credit report? TransUnion’s mailing address for a credit report is as follows: 

Annual Credit Report Request Service

P.O. Box 105281

Atlanta, GA 30348-5281

You can also contact TransUnion for a credit industry insights report. Finally, if you’re worried that your child has an account in their name, you can request a TransUnion child credit report. 

Disclaimer: This blog is for informational purposes only and is published by TurboTenant. It is not legal, financial, or tax advice. Laws and regulations for landlords vary by state and locality and may change over time. Always consult a qualified attorney, accountant, or local housing authority before making decisions related to your rental property. The publisher and authors assume no responsibility for actions taken based on the information provided.

TransUnion Credit Report FAQs