When it comes to screening of rental applications, credit history is a vital piece of information.  Information from the major credit bureaus helps applicant screening agencies determine whether a prospective renter is of sound financial standing and able to meet the monthly obligation to pay rent for their new apartment. From a business perspective, it’s crucial for apartment providers to minimize their risk when it comes to taking on new leaseholders. Credit reports are based on debt obligation and payment history information from a nationwide network of credit bureaus, and compiled by one of the three largest credit bureaus, Experian, TransUnion, or Equifax.  Businesses, including apartment communities, use these reports to determine a consumer’s credit risk based on their history. But what happens when a consumer’s credit report is bad – but inaccurate? A recent Federal Trade Commission study found that credit report errors are frighteningly common. The study indicated that as many as 42 million Americans have errors on their credit reports – and 20 million of those errors are significant mistakes. Bad credit is not only damaging if you’re one of the consumers containing a credit report with an error. It’s also bad for those who are renting property within the multifamily industry, which may be turning away viable prospective residents based on faulty information. This can result in higher vacancy rates and longer lag-time between apartment turn over, two things all real estate companies want to avoid. Yardi Resident ScreeningTM, a market leading resident application screening system, works for multifamily communities to ensure they are welcoming qualified residents by reviewing credit and criminal history. As an expert in the field, Yardi understands that sometimes credit reports can contain errors and has a Boston-based consumer relations team dedicated exclusively to working with...