TransUnion Launches ShareAble Rental Screening Solution in Canada
17 November 2022 - 12:00PM
Today, TransUnion launched ShareAble for Rentals in Canada, a new
solution designed to empower consumers to share credit reports for
the purpose of tenant screening. Leveraging TransUnion’s
patented innovation in application screening, ShareAble is the
first solution in the market to combine consumer credit report
sharing with integrated fraud controls and support for property
technology businesses to help their customers: property owners and
tenants
.
ShareAble enables property technology businesses in Canada to
offer more secure access to consumer credit reports, helping
property owners make better informed decisions about prospective
tenants. The solution integrates with rental listing platforms,
rental solution providers and property management companies to
simplify the screening process on both sides. ShareAble allows
prospective tenants to easily share their credit reports - with a
“soft pull” which does not affect their credit score.“Currently,
digital tenant screening is a largely manual, friction-filled
process because of extensive credentialing requirements,” said
Pamela Dodaro, Head of Core Credit, Consumer and Business Solutions
at TransUnion. “We’re launching ShareAble in this market to offer a
more sustainable solution designed for what property owners and
tenants in the digital era need: security, simplicity and
support.”
A September 2022 TransUnion study found that 38% of independent
property owners surveyed in Canada were not satisfied with the
existing processes they used to screen tenants. Online access to
prospective tenant information (42%) and built-in identity
verification tools (31%) were cited as the most appealing benefits
they don't have in their current process. Uncertainty in
Canada’s current economic climate enhances the importance of
property owners’ access to consumer credit data in order to assess
payment behaviour of prospective tenants.
“As consumers grapple with historic rates of inflation,
they may be forced to make hard choices about what they can and
can’t pay for to make ends meet, including rent,” said Matt Fabian,
Director of Financial Services Research and Consulting at
TransUnion.
“Understanding a potential tenant’s overall credit picture —
through ShareAble — helps property owners make better informed
decisions and reduce the risk of sudden economic shocks affecting
their own cash flows.”
Reducing the risk of fraud in a rental transaction is critical
for both property owners and tenants. ShareAble for Rentals
includes a robust set of identity management tools for property
owners and tenants to protect against identity fraud in a complex
regulatory environment. This includes Device Risk, a TransUnion
product that enables property owners to assess whether a
prospective tenant’s device has a suspicious IP address or has been
associated with fraud in the past.
“In a digital-first world, a safe online
experience is a top priority for consumers when transacting
online,” said Patrick Boudreau, Director, Product Management, Fraud
Products at TransUnion. “But for property owners, screening for and
addressing tenant identity fraud can be time consuming and
expensive. ShareAble enhances security by verifying the tenant,
helping to build trust and simplifying the
process.”
ShareAble includes relationship management support, helping
property technology businesses with set-up and servicing, as well
as industry expertise in Canada and the US where ShareAble is
already available. With ShareAble, users will gain access to
educational materials including step-by-step guidance on how to
understand credit reports, and have assurance credit scores are not
affected in the tenant screening process.
To learn more about ShareAble for Rentals, visit
transunion.ca/ShareAble
About TransUnion (NYSE: TRU)
About TransUnion
TransUnion is a global information and insights company that
makes trust possible in the modern economy. We do this by providing
an actionable picture of each person so they can be reliably
represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good®. TransUnion provides solutions that
help create economic opportunity, great experiences and personal
empowerment for hundreds of millions of people in more than 30
countries. Our customers in Canada comprise some of the nation’s
largest banks and card issuers, and TransUnion is a major credit
reporting, fraud, and analytics solutions provider across the
finance, retail, telecommunications, utilities, government and
insurance sectors.
Contact: Leeanne Mezzatesta,TransUnion
Email: Leeanne.Mezzatesta@transunion.com
Telephone: +1 (416) 662-8457
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