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Category: Credit Reports
The Protecting Tenants at Foreclosure Act
Background The Protecting Tenants at Foreclosure Act of 20091 became effective on May 20, 2009. This new law protects tenants from immediate eviction by persons or entities that become owners of residential property through the foreclosure process and extends additional … Continue reading
What is a Denial Letter With Reasons?
A Denial Letter with Reasons is also known as an Adverse Action Letter with Reasons. It’s very similar to the Denial Letter but it provides specific reasons for denial based on information in the applicant’s a consumer report. A form … Continue reading
What is a Denial Letter?
A Denial Letter is also known as an Adverse Action Letter. The Fair Credit Reporting Act requires that a form of this denial letter or adverse action letter must be provided to any rental applicant you choose to deny residency … Continue reading
Turning a tenant applicant down because of their credit report information? Know your legal obligations!
The FCRA requires you as the potential property manager/landlord to give an adverse action notice to each consumer whose credit report was used to deny their lease application. The consumer is also then entitled by the law to a free … Continue reading
TransUnion Credit Report Codes
ECOA (Equal Credit Opportunity Act) Inquiry and Account Designators A – Authorized user of shared account C – Joint contractual liability I – Individual account for sole use of customer M – Account for which subject is liable, but co-signer … Continue reading
Posted in Credit Reports, Tenant Credit Reports
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8 questionable rental fees to avoid charging
Not all fees are created equal. In fact, some stretch the law. 1. Excessive late-rent fee The Landlord Protection Agency, a website that provides advice for landlords, has this to say about late-rent fees: “Late charges should hurt. … It … Continue reading
Rental Applications and Tenant Screening
Aggressive tenant screening is an investment that pays for itself many times over, by preventing most tenant defaults, tenant damage, and tenant lawsuits. But how exactly should you screen these rental applications? How do you measure tenants’ relative worth?First, let’s … Continue reading
How to Check Business Credit Rating
Much like your own personal credit rating, businesses are assigned credit ratings. These numbers, on a scale from 0 to 100, are a sign of how reputable the business is when it comes to dealing with creditors. An optimal credit … Continue reading
Reporting Non-payment of Rent to Credit Bureaus
As a Property owner or manager, there is little more frustrating than a tenant who fails to pay rent as agreed. The situation is costly, time consuming and aggravating.
Posted in Credit Reports, Tenant Credit Reports, Uncategorized
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Is making better tenant screening decisions one of your 2011 resolutions? It should be…
Are you a busy property management company with multiple property managers or a busy landlord managing multiple properties? Why not setup a Pass or Fail grade for the rest of the property managers in your office based on the criteria … Continue reading
Posted in Credit Reports, Tenant Screening
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