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In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party holds more or better information than the other. The lack of a full picture precludes the other party from making accurate decisions.
It is common practice in the rental market for prospective tenants to furnish copies of their bank or income statements that are vetted for affordability when applying for a rental. However, three months’ bank or income statements do not quite provide that full picture, which is where the TPN credit bureau enters.
When one of her tenants was not paying their rent on time in the nineties, Michelle Dickens, CEO of TPN, thought “how do we as an industry share negative experiences about our delinquent tenants with each other?”
