FICO and Background Check Trends You Need to Know

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FICO and Background Check Trends You Need to Know

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ApplyConnect has released credit, criminal and eviction data trends from 2019’s second quarter, April through June. The analysis has revealed that for the most part, tenants’ FICO score has trended upwards as expected. ApplyConnect’s quarterly data analysis highlights the number of rental applicants that have criminal and eviction records on their tenant background checks, as well as the average FICO credit score. Compared the first quarter of the year, January through March, the average FICO risen. As expected, this may be in part due to tenants’ having finished paying off their winter holiday events on their credit cards.

FICO Credit Scores Rise in Q2

The first quarter of the year had a dip in the average credit score. Of all groupings of credit scores, the largest were still those with a good to excellent score, but that was only around 36%. This quarter, those with a good to excellent credit rating has jumped.

It’s not the only group that had some significant changes, but as scores fluctuate through the year, the rise in numbers is a good sign.

Why Your Renter's FICO Score is Increasing

Credit scores can shift for varied reasons, like:

      • Unpaid credit card debt
      • Paying fees late
      • Accounts sent to collections
      • Credit history that is too short
      • Credit use ratio
      • Scores tend to go down early in the year after large purchases are made on credit for the holidays (see our last data analysis ). Now that it’s Summer, those festive debts have likely been payed off, boosting your tenant’s FICO scores.
100 %
Average Reports with Criminal or Eviction Records

Criminal and Eviction Hits See Small Changes

Since last quarter, the number of rental applicants with criminal or eviction records has stayed relatively consistent. The small variances between eviction and criminal data is within 5% and remains rather stable through the difference quarters. The largest change from Quarter One to Two was the dip between quarterly criminal data. The Eviction versus Eviction+ had a very similar dip in percentages from the previous quarter.

What's the Difference Between ApplyConnect's Eviction v. Eviction+?

Eviction

A nationwide search of a proprietary database of 36+ million reportable unlawful detainer (eviction) records, no duplicates.

Eviction+

An enhanced version of the nationwide eviction database scan that cross references applicants with additional addresses associated with their consumer profile. 

As a new rental applicant eviction, criminal credit scoring background check data gets released, keep this in mind when you revise your property’s rental criteria. Click here to subscribe for future updates.

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