Tenant Screening, Credit Check, Background Check, Employment Verification, People Search, Address Verification

The Credit Investigators Security Deposit Replacement™ program provides a Landlord with greater protection from property damage and skipped rent than a traditional security deposit and eliminates the hassles, costs and risks of holding a tenant’s funds. Relieving tenants of the burden of a security deposit can be a significant advantage for a Landlord.

For additional documents containing more information, please see the list below:

Security Deposit Replacement Options
Limits of Liability Options

Damage Protection - $1,500 or $3,000
Pet Protection - $1,500 or $3,000
Skipped Rent Protection - $750 or $1,500

Program Option

Total Property Plan
All units within the Property are covered by the Program - maximizing the profit potential and protection for the Landlord.
Single Unit Plan
Allows Landlords the greatest flexibility.

Program Underwritten by an A-Rated National Surity Company.

The CREDIT INVESTIGATORS Renter Report Card™

Every unit covered by the Security Deposit program is analyzed by the Credit Investigators Renter Report Card.

The Renter Report Card includes:

Credit Report w/FICO® Score
PRBC® Consumer Report with FICO® Expansion® Score
Enhanced Evictions Report
FICO® GRID Score – fraud detection component
Sex Offender Search
WatchList

The Security Deposit Replacement program is available to all Units approved by the Renter Report Card.

Landlords can also set their own rental criteria to supplement the Renter Report Card as an independent tenant screen.

Reduce problems associated with traditional security deposits; including accounting for deposits and interest payments, as well as disputes related to collection for damages.

Total Property Plan
Total Protection - All leases automatically include the Security Deposit Replacement protection
Increase Occupancy - lower move-in costs for tenants, ability to advertise tenant benefit
Increase Profits - as units become more marketable, rents are typically increased
Ease of Administration - with a uniform program there is no need to manage any traditional security deposits
Increase Unit Protection - unit damage up to $3,000 and skipped rent protection up to $1,500

Single Unit Plan
Flexibility - each tenant has the option of the Security Deposit Replacement or a traditional security deposit
Increase Profits - the Security Deposit Replacement protection may include a landlord or property manager mark-up
Increase Unit Protection - unit damage up to $3,000 and skipped rent protection up to $1,500
Increase Occupancy - lower move-in costs for tenants

Let Credit Investigators improve your bottom line by helping you accept more renters with no additional financial risk.

Please contact us by clicking here or emailing us at sales@creditinvestigators.com for more information or to join today.

Thank you for your interest in the Security Deposit Replacement Program!

FREQUENTLY ASKED QUESTIONS AND ANSWERS

What damage is covered?: In over 10 years of working with rental property managers on this program, our experience in explaining what is or isn't covered suggests that it is best to simply relate it to what they know, security deposits. In all but a couple of states, there are laws that govern what a property manager can or cannot deduct from a security deposit. Most property managers are familiar with these statutes for the states in which they operate. Creating a list that attempts to address many of the specific accidental damages that could occur has either caused confusion or led to many more questions - because every situation or variation of a situation was not addressed. Simply stated, SmartDep covers all inadvertent tenant-caused damage to the unit, furnishings, and fixtures that are owned by the landlord up to the limit of liability selected.

Every property manager that has been in business for any length of time will come up with types of damages that another would never have considered. SmartDep mirrors a security deposit. In order to keep the cost of SmartDep affordable, intentional damage such as vandalism, and general housekeeping cleaning costs such as an unkempt bathroom, are not covered. Just like deducting damage from a tenant’s security deposit, there is required documentation of the damage.
When a tenant moves out, does a claims adjuster have to be called out to walk the property and determine which damages are going to be covered by SmartDep and which ones are not?: The covered renter should report damages to the Property Manager as they occur in order to repair or replace the damaged item immediately. This should leave very few existing damages at the end of the lease. A best practice is for the property manager to conduct a walkthrough before the lease expires addressing any visible damages.
What is the average turnaround time between when a claim of damage is made until payment is received?: First, a tenant and landlord must complete the necessary proof of loss form. Once we receive all necessary documentation, a claim check will typically be sent within 30-60 days for approved claims. If the claim is excessive, or the damage documentation is not clear, we may have questions that would delay the claim past (30) days. Document and send everything you can to expedite the claims process.
When damages are assessed, are actual contractor bids used to determine the amount of compensation, or is some sort of industry standard pricing list used?: As indicated in the claim procedures of the Smart Deposit Addendum, an estimate is to be sent with the Damage Proof of Loss Form. If a replacement is required, depreciation would be deducted. For example; if a carpet is (10) years old and has to be replaced, the age, the condition, depreciation will be considered in paying the claim.
Your website mentions that cleaning expenses needed due to poor housekeeping is not covered by the policy. How about if the tenant leaves behind furniture, dishes, clothing, etc.? Does the policy cover the costs for removing that abandoned property?: No, it does not include costs for removing abandoned property. A cleaning fee or deposit is suggested, where allowable by law, to protect against these types of occurrences.
Tenant skips out owing rent, how is this covered?: Follow your normal company policies as regards this situation. Post your notices, write your letters, do your normal duties to try and mitigate the damages to your owner.. Keep copies of all the documents. File a claim with us providing the required documentation and you will be paid up to $1500.00 in skipped rent. Once you receive payment, the claim belongs to the insurance carrier. They may pursue the claim as a collection item, taking you out of the collection business.
When does coverage take effect?: Coverage is from the moment of signing of the lease and the issuing of the coverage. A unit inspection form must be completed prior to move in and is typically requested to process a claim for accidental damage.
Can I add protection against pet damage?: Yes. Pet protection can be added for an additional fee.