Eviction Cost Calculator
eviction Screening Study
VeriScreen 4,000 name study of eviction data...
…in affordable housing to help develop an algorithm that predicts future evictions through Predictive Analytic Modeling, similar to a credit bureau score.
HOW DOES THE EVICTION COST CALCULATOR WORK?
This calculation is based on the average cost of eviction and error rate in eviction detection when comparing VeriScreen to its competitors in side by side tests. This calculation is the MINIMUM amount you would save by switching to VeriScreen. Most of our clients have yielded substantially higher savings after switching.
The data was analyzed independently by a researcher with a PhD in Predictive Analytics. Call our office or complete the contact form below to get the results of this study.
WHAT DID THE STUDY FIND?
Our initial results were very eye opening and help show customers the advantage of using the VeriScreen solution through Comprehensive Background Checks.
The initial phase of the study was to answer three important questions when it comes to evictions in affordable housing:
- Will the eviction show up on the credit report?
- Are previous evictions an indicator of future evictions?
- Is there a correlation between criminal records, in particular felonies, and the chance of being evicted?
VeriScreen Unlawful Detainer Database VS. only running credit reports for finding evictions
- VeriScreen found 11% of total applicants had at least 1 prior eviction.
- Credit report found less than 4% (3.37%) of total applicants had at least 1 prior eviction.
- Over 70% of evictions are not listed on the credit report.
- Credit report screening alone will miss the vast majority of evictions.
- The credit report misses approximately 70.06% of evictions that were found on VeriScreen reports.
- VeriScreen will find almost 3 times as many evictions as a credit report.
- Based on the current sample, approximately 99% (98.73%) of individuals who have been evicted once will be evicted again.
- Only 6 of the 471 evicted applicants were not evicted a second time.
- Only 1.27% of applicants receive only 1 eviction.
- 66% of applicants will get 1 more eviction after their first eviction.
- 8.28% of applicants will get 2 more evictions after their first eviction.
- 9.34% of applicants will get 3 or more evictions after the first eviction.
- 15.65% of applicants with 1 eviction will get 4 or more evictions.
- Approximately 89% of applicants will get a second eviction during their next 12-month lease.
- Approximately 78% of applicants with a prior eviction will get a second eviction within 6 months of their first.
- The average time elapsed before the second eviction is 4 months indicating that if you miss an eviction on the background screening, you’ll likely lease to an individual who will become evicted within 6 months.
- The number of convicted felonies are significantly related to the number of evictions.
- High convicted felony rates increase the likelihood of an eviction.
- Felonies, not misdemeanors, correlate with eviction rates.
** PERFECT CORRELATION IS 1.0 – THE CORRELATION OF FELONIES AND EVICTIONS IS 0.70 **
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