How Collections AlertSM Works
Collections Alert helps properties identify applicants that have recently skipped or left a rental property owing money—before they move in. The unique data set from Collections Alert contains millions of records identifying renters currently being pursued by a collections agency for outstanding balances on prior multifamily lease obligations. All amounts reported through the Collections Alert are for amounts owed that have generally not been reported to the credit bureaus.
CoreLogic® SafeRent® already provides the data for the first three steps of the collection cycle (Figure 1) through its comprehensive landlord-tenant database. Now, Collections Alert enables properties to close the loop in resident rental history and identify outstanding lease balances before accepting an applicant. Third-party collection agencies actively pursue the past due amount, but 30-90 days can elapse before a collection account appears in a credit bureau report for resident screening. Some collection firms never report defaults to credit bureaus. Collections Alert fills the gap—when the resident applies to a property, Collections Alert reports the past-due amount.
Once you have opted to receive Collections Alert, you’ll continue to screen applicants through your existing process. On the Lease Decision page, you’ll receive a notification that there are alerts for the applicant. When you review the screening details, the report will identify the debtor and the collection agency holding the debt.
- Reduces the likelihood of accepting an applicant that recently skipped or left a property owing money but has no rental collection history with any credit bureau
- Provides access to millions of multifamily specific collection records exclusive to SafeRent
- Helps reduce the risk of future rental default by alerting you of applicants that have failed to pay rent in the past.
- Relevant Information— collection agencies continually provide updated information not widely available elsewhere
- Flexible—delivery of information through the Collections Alert enables properties to determine acceptance guidelines based on occupancy goals