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Category: Tenant Screening
What is a Conditional Acceptance Letter?
A Conditional Acceptance Letter is a letter that specifies additional requirements such as additional deposit monies or that the tenant applicant has to meet to be accepted as a tenant. The Fair Credit Reporting Act requires that a form of … 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
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
SSN Lookup – Check to see if a Social Security Number is Real
Are you unsure if a SSN is valid or do you think a tenant gave you a fake Social Security Number? There a few helpful websites out there to decode social security numbers including one by Steve Morse which by … Continue reading
What does a -9999 credit score mean?
Have you ever ran a credit report and received a -9999 FICO score? The FICO score range is between 300 and 850 but according to TransUnion a consumer would get a score of -9999 when the consumer has 2 or … Continue reading
Posted in Tenant Credit Reports, Tenant Screening
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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
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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