It is a common credit myth that there is only one way to calculate a credit score. Many lenders use their own customized calculations. There are estimates that say there are over 1,000 different credit scores in use, and each of them often serves a specific purpose. For example, FICO scores are often used to predict loan repayment outcomes. For this reason, the same individual can receive different scores depending on the score model used, even if generated by the same provider.
Each score is accurate based on the model created for it, and companies select the Background & Credit provider solutions based on their needs.
Credit Reports in VERO are generated by one of two Credit Reporting Agency Services: TransUnion ShareAble and Experian Connect. The credit score seen in VERO depends on which Background & Credit Check partner a property is configured to use.
You can confirm which provider is the source of your credit report when agreeing to the terms of service of the Background & Credit Check step. The provider name is also displayed when reviewing the report results.
TransUnion Credit Score
TransUnion uses a credit score called ResidentScore, which is designed specifically to predict rental outcomes.
This is a specific scoring model developed by TransUnion that is different from other reports that often use FICO, even on other TransUnion credit reports generated directly.
You can read more about the ResidentScore directly from TransUnion here: https://www.mysmartmove.com/blog/residentscore-tailored-tenant-screening#smartmove%E2%80%99s-residentscore
Experian Credit Score
The Experian report generated for VERO provides what is called a VantageScore, designed using only one model with one set of scoring calculations, resulting in scores that are more uniform and consistent.
This is a different scoring model from other reports, which often use FICO, even on other Experian reports. You can read more from Experian about how this score is different than FICO here: https://www.experian.com/blogs/ask-experian/the-difference-between-vantage-scores-and-fico-scores/
Other Useful Credit Score Information
How to Dispute Credit Report
If the information contained in your Credit Report seems incorrect, you have the right to dispute this. For more information on how to initiate a dispute for your credit repot by following the instructions for Experian or TransUnion.
Credit Report Block or Freeze
If you are completing a background check with TransUnion
Victims of identity theft or users of certain identity theft prevention services are immediately prompted to manually verify with TransUnion without completing a questionnaire because of the block on their credit report. This is less common, but if this is the case, you will still be required to call TransUnion to complete the manual verification and release the reports. You can refer to this help center article for further details.
If you are completing a background check with Experian
Victims of identity theft or users of certain identity theft prevention services may run into an "Unable to Verify" message when trying to complete the Experian background check. If you have placed a freeze on your credit due to identity theft or as a preventative measure, you will need to contact the credit bureau(s) you used to freeze your credit and disable the freeze temporarily.
How to Proceed Without an SSN or ITIN
If you do not have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN), don’t worry! You can still proceed with your application. Please refer to the specific instructions if you're using TransUnion or Experian on how to proceed without an SSN.