Hemlane provides a soft recommendation on approving or declining an applicant based on information gathered from their rental application and their TransUnion credit and background report.
What Factors Into the Recommendation?
Two pieces of information are used to calculate the recommendation:
- Income and Assets
- Average Credit Score
The income and asset to rent ratio is calculated by taking the total income and asset amounts provided in the application and dividing that by the lease length.
What Does My Recommendation Status Mean?
The recommendation will return one of the following results:
- Missing Information - We are still waiting for one or more applicants to complete part of the process.
- Decline - Both the income and asset ratio and average credit score did not meet the required minimums, or there is an eviction on the credit and background report.
- Conditional - Either the income and asset ratio or the average credit score did not meet the required minimums. You may want to consider requesting a co-signer or a higher security deposit.
- Approve - The applicants meet both the income and asset ratio and average credit score minimums.
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