It verifies identity, checks rental/employment history so I can cross-check what they've provided on the application, gives me a complete credit report and score, and lists any criminal history.Some people charge higher, like $40 per and spend only $20 on the background check.

They're both concerned about identity theft.

You should have done it long ago.Do you have any idea how many landlords end up losing 2,3,6 months rent in identical situations as you are in due to their inaction.Act first, ask questions later.

Is there a reason you are protecting their identity?

Just a little worried with all the negative news about identity theft. 

I actually did reach out to them about a couple properties they have with some identical photos asking for some clarification.

I found out that Quicken Loans was having a "cyber monday deal" that offered identical interest and terms as the credit union deal I was working on, but offered closing costs that were about $2k lower.  

You claim chart #3, the Case Shiller 30 year, looks almost identical to chart #1.

It is not a right or wrong deal rather just the differences between identical sfrs in totally different locations or the diff with classic Porshces and Civic/Pinto rentals. 

An identical home sold in the last 3 months in the area for $244,000.