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Factual Data Launches Third Service: Tenant Qualifier; Real Estate
Rental Market Screenings Estimated at 65 Million Units per Year
LOVELAND, Colo., July 13 /PRNewswire/ -- Factual Data Corp., (Nasdaq: FDCC - news, FDCCW - news), a leading
national provider of mortgage credit and employment screening information, today announced the launch of its third service,
Tenant Qualifier Services, providing tenant applicant screening information to the real estate rental market. This market includes
rental agents, property managers and owners. Tenant Qualifier Services was launched with the release of QuickPeek Tenant,
the latest proprietary Windows(TM) software solution developed by Factual Data's technology team. QuickPeek Tenant allows
the customer to interface via the Internet or modem with Factual Data's advanced technology center, to request and receive a
fully-automated, customized report in under one minute.
The core components of QuickPeek Tenant include a Social Security number search, residence history, employment history,
public records search, fraud search and credit information. The software accesses multiple data bases, performs all required
database searches, compiles the information and produces a customized tenant qualifier score, in 60 seconds or less. Customers
can also request criminal and eviction records on line. QuickPeek Tenant software also includes Factual Docs, a forms library
of pertinent documents for the rental industry. Standard documents include applications, agreements, notices and releases,
eliminating the need to buy, store and copy forms. Applicant information is easily imported into forms, eliminating redundant
data entry.
The software provides a proprietary tenant qualifier score, a customized scoring system for the property management industry.
The system produces a single qualifying score for each applicant, based on parameters set by the customer for scoring finite
credit data. This allows the customer to make quick, reliable decisions about an applicant's acceptability or competitive position
relative to other applicants. Essentially the customer assigns values or weights to each data point in the report, which includes
rent and debt to income ratios, along with the search results. The last line of the report provides a rental decision based on the
applicant's score. Customers who use the scoring system consistently will eliminate potential Fair Housing issues and save time
in underwriting applications.
The Company knows of no other comparable service that provides a customizable score, 60 second report, electronic forms
library and on line ordering of criminal and eviction data in the market today. Pricing has been set to motivate rental agents,
property managers and owners to utilize Tenant Qualifier services rather than do the work themselves.
The US market for tenant qualifying services as derived from the results of a 1996 US Census Bureau's Property Owners and
Managers Survey, 29+ million single and multi family properties with a combined turnover of 62% annually. The survey
indicated that in the aggregate, over 65 million credit checks, employment verifications, previous residence references and
personal references are conducted annually in the qualifying of real estate rental applicants. These checks are conducted by both
the property representative and third parties. Portions of the required information are offered by mortgage credit reporting
agencies, preemployment screening services and independent tenant screening companies. The Company's market research
indicates that QuickPeek Tenant will be the first complete tenant screening solution.
In commenting on the launch of Tenant Qualifier Services, J. H. Donnan, president and CEO of Factual Data Corp., said, ''This
is a significant step in our plan to diversify by leveraging our existing technologies and national network. As QuickPeek Tenant
will join the ranks of our other fully automated services, QuickPeek Identifier (employment screening) and Bureau Express
(mortgage credit reporting), we are expecting a strong market response to an affordable, quick and very reliable service. Based
upon the data in a 1996 US Census Bureau's Property Owners and Managers Survey, the market in units for the Tenant
Qualifier Services could be more than six times the 10 million credit reports conducted for the mortgage lending industry in
1996. The economics of this new service are made even more compelling by the fact that the processing will be performed in
our existing technology center.''
Mr. Donnan concluded, ''The formula used in our launch of EMPFacts, our employee screening service, has proven very
successful and will be applied to our Tenant Qualifier roll out. We will be adding this new product line to our network in a
deliberate fashion and supporting this with direct mail, targeted presentations and trade association programs. We are very
pleased with our new service and confident in its potential to build shareholder value.''
Factual Data Corp., is a Loveland, CO-based information services provider to the mortgage and consumer lending industries,
employers, landlords and other business customers located throughout the United States. The Company markets its services
nationally through 45 combined locations, including Company operated offices, franchisees and licensees. The Company is in
the process of implementing a consolidation plan in the MCR business. Factual Data's initial public offering took place in May
1998 and its common stock and warrants trade on the Nasdaq Small Cap Market under the symbols FDCC and FDCCW.
''Safe Harbor'' Statements under the Private Securities Litigation Reform Act of 1995 - With the exception of historical
information, the matters discussed in this press release are forward looking statements that involve a number of risks and
uncertainties. The actual future of the Company could differ significantly from those statements. Factors that could cause or
contribute to such differences include, but are not limited to, changes in real estate rental markets; the effectiveness of the
marketing campaign; the response of the property management industry; the introduction of competitive products and services;
as well as those factors discussed in the Company's May 13, 1998 Prospectus, and the ''Risk Factors'' described therein.
SOURCE: Factual Data Corp. |
