RedPeak Qualifying Rental Criteria

advertisement

RedPeak Qualifying Rental Criteria

RedPeak processes your rental application through SafeRent, the nation’s leading screening and risk management provider for the multifamily industry. SafeRent uses a balanced scoring model which determines the approval or denial of an application, based on the following criteria;

Rental scoring systems assign points to certain factors identified as having a statistical correlation to future financial lease performance. Applicant’s rental score results from a mathematical analysis of information found in the credit report, application, and previous rental history. Such information may include Applicant’s bill-paying history, the number and type of accounts he/she has, collection actions, outstanding debt, income, and the number of inquiries in the consumer report. The final number, or rental score, represents an estimated level of risk as compared to the performance of other consumers in a range of scores.

Each applicant must be verified. Approval based upon the SafeRent Criteria above

No Co-signers allowed only Co-applicants

The minimum age to lease is 18 years old.

 Each applicant will be verified and approval is based on SafeRent criteria

 Applicants with no proof of income (include students/unemployed) If approved the applicant is required to pay move in prorate plus 3 months’ rent in advance.

 Saferent decisions that come back as No record/ Inquires must make 3x the amount of the rent, and provide a copy of Social Security Card

 Applicants with no social security numbers must provide U.S. issued visa, or green card.

They must also make 3x's the amount of rent and pay a deposit equal to one month’s rent.

If SafeRent approves an application with conditions a deposit up to one month's rent will be required instead of the standard deposit.

The rental scoring was created for the purpose of treating all Applicants consistently and impartially, without regard to subjective criteria.

Possible Reasons for Denial

Falsifying an application

 Criminal Backgrounds will be run on all applicants. Felonies will be declined. Any misdemeanors that are violent, drug and/or sex related regardless of the date of the occurrence will also be declined.

Contact Information:

CLIENT SERVICES (questions on scoring model- (pre-processed)

Monday through Friday

8:30 am - 8:00 pm (ET)

Saturdays

11:30 am - 5:00 pm (ET)

800-811-3495

CONSUMER RELATIONS (questions on scoring or criminal issues-post processing)

Automated Consumer Relations Line

888-333-2413

Discrimination because of race, creed, color, religion, sex, ancestry, national origin, familial status, physical handicap, marital status, or sexual orientation prohibited.

Download