Overview
As you receive and track rental applications, one of the final steps is to make a rental decision, update the application with your decision, and inform the prospect.
The Steps
Step 1
When on the Overview tab of a rental application, click on the Update Decision button.
You can also click on the three vertical dots icon on a rental application line when viewing the list of your applications and then choose Update Decision.
Step 2
You can update the decision to the following choices:
Undecided: Keep this status if you haven’t yet made a decision.
Approved: Choose this if you are accepting the prospect as a tenant.
Rejected: Choose this if you decide not to approve the prospect.
Note that if you deny an application because of TransUnion SmartMove reports, you are required by federal law to give the prospect an “adverse action” notice. To learn more about this, refer to the Federal Trade Commission’s explanation here.
The prospect has a right to dispute their TransUnion SmartMove report with TransUnion. Keep in mind that the ResidentScore reported by TransUnion is NOT the same as a credit score, but a special score based on a credit report with differently weighted factors TransUnion has found to be 15% more effective at predicting evictions than a traditional credit score.
Ignored: If an application was submitted in error, you can ignore it if you don’t want to delete it.
Step 3
Add any optional Notes about the decision and then click Save.
These notes will show if you go back later to update your decision again.
Step 4
Notify the prospect of your decision however you normally would.
If you are rejecting a prospect and they ask for their TransUnion SmartMove reports, you can download and send them the reports using the instructions in this article here.
If you’ve accepted their application, you can send them a lease for them to electronically sign as your next step!