As of January 1, 2012, California will join six other states in limiting the use of a consumer credit report for employment purposes. Washington, Oregon, Hawaii, Illinois, Maryland, and Connecticut have all enacted legislation restricting employers’ use of credit reports. Similar legislation is pending in several other states.
 
Employers in California may only use a consumer credit report for emploment pruposes if the report is sought for one of the following:

1. A managerial position
2. A position in the state Department of Justice
3. A sworn peace officer or other law enforcement
4. A position for which the information contained in the report is required by law to be disclosed or obtained
5. A position that involves regular access to confidential information such as credit card account information, Social Security number, or date of birth
6.A position which the perosn can enter into financial transactions on behalf of the company
7. A position that involves access to confidential or proprietary information; or
8. A position that involves regular access to cash totaling ten thousand dollars ($10,000) or more of the employer, a customer, or client, during workday

If an employer procures a consumer report for one of the limited exceptions outlined in the statute, it must provide the person for whom the credit report is sought with written notice informing him or her that a report will be requested, the specific reasons for obtaining the report as provided in the statute, and a check box allowing the applicant to request a copy of the credit report at no charge.

Accordingly, employers who use credit information as part of employment screening or other hiring purposes should evaluate their policies in light of the recent momentum against using such information in employment decisions.

As many as 9 million Americans have their identity stolen each year, according to the FTC.

Identy theft occurs when someone uses your personal information, such as your name, social security number, or credit card number, without your permission, to commit fraud or other crimes.  Identity theft can damage your credit status and cost you time, money, and aggravation restoring your good name.

An identity thief may use your information to commit various types of fraud:

- Credit Card Fraud: Thieves open a credit account in your name, use it and don't pay the bill.
- Utilities Fraud: Thieves may open new services such as a new wireless phone line on your existing account or open a new electric account using your name.
- Bank Fraud: Thieves may create counterfeit checks using your name and account number, open a new bank account in your name and write bad checks, clone your ATM card, or take out a loan in your name.
- Government Documents Fraud: Thieves use your name and SS number to get government benefits, get driver's license with your name but their picture or file fraudulent tax returns.
- Other Fraud: Thieves may rent a house or get a mortgage using your name, or give out your personal information to the police in an arrest.

Identity thieves may use different methods to get hold of your information:

- Dumpster Diving: They rummage through trash looking for bills or other papers with your personal information on it.
- Skimming: They steal credit/debit card numbers by using a special storage device when processing your card.
- Phishing: They pretend to be financial insitutions or companies and send out spam or pop-up messages to get you to reveal your personal information.
- Changing your Address: They divert your billing statements to another location by completing a change of address form.
- Old Fashioned Stealing: They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit offers; and new checks or tax information.  They steal personnel records or bribe employees who have access.
- Pretexting: They use false pretenses to obtain your personal information from financial institutions, telephone companies and other sources.

If you get your identity stolen, file a police report, check your credit and notify creditors and dispute any unauthorized transaction.

Some tips to safeguard your identity are:

- Don't carry your SS card in your wallet
- Never write down your PIN number on your card or a paper kept in your wallet
-Watch out for "rubbernecks".  Block the key pad when entering the PIN to avoid someone looking over your shoulder
- Collect your mail promplty.  Place it on hold if you are going away
- Keep an eye on billing cycles.  If you don't get a bill on time, contact the sender
- Keep receipts and compare them to your bank statements
- Tear up or shred receipts, credit offers, account statements, expired cards, etc.
- Store personal information in a safe place
- Don't respond to unsolicited requests
- Install firewalls, passwords and virus protection software
- Check your credit report yearly

Communities and landlords are entitled to accept or deny an applicant from moving into their properties by establishing certain criteria, but in the event of a denial, certain legal practices must be followed so your community can avoid legal liability while maintaining it safe from undesired tenants.

 

If your community or landlord denies an applicant due to a low credit score, new regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act requires you to make the following additional disclosures:

 

If adverse action is taken based on the information in a credit report with score, the notice must now contain the following information:

 

New Requirements:

Actual numerical score used in the adverse decision

Range of possible scores under the model used

Key factors that adversely affected the credit score – top 4 factors are required and a 5th is required when number of credit report inquiries was one of the 4 factors.

Verify Tenant

Ph: 954.628.8222

E-mail: order@verifytenant.com

Website: www.verifytenant.com

The Florida Association of Residential Property Managers (FARPM ) held it's annual convention and trade show this past week in Hawk's Cay.
Property Managers from across the region enjoyed two days of top notch educational speakers and had the opportunity to meet some of the industry's best and most reliable vendors, all while spending a few fabulous days in the Florida Keys.
Verify Tenant was fortunate enough to be able to attend and share information about our tenant screening services with attendees.

Thank you

Verify Tenant
http://www.verifytenant.com
http://www.facebook.com/verifytenant

On the current economic situation were people are going to financial problems. or jobs are getting lost, is very important before you lease your property try to do the research necessary to know if your tenants will be able to make their monthly payments, plus they will take care of your property.
Some information that you need to know before you denied a prospect tenant is:

What is a Consumer Report?
A consumer report contains information about a person's credit characteristics, character, general reputation, and lifestyle. A report also may include information about someone's rental history.

If you're a landlord, you may use consumer reports to evaluate rental applications - as long as you follow the provisions of the Fair Credit Reporting Act (FCRA). The FCRA is designed to protect the privacy of consumer report information and to guarantee that the information supplied by consumer reporting agencies (CRAs) is as accurate as possible. The FCRA requires landlords who deny a lease based on information in the applicant's consumer report to provide the applicant with an "adverse action notice."

Good Luck
Verify Tenant
www.verifytenant.com

It's important to find out what happens to the personal information you provide to companies, marketers, and government agencies. These organizations may use your information simply to process your order; they may use it to tell you about products, services, or promotions; or they may share your information with others. More organizations are offering people choices about how their personal information is used. For example, many let you "opt-out" of having your information shared with others or used for promotional purposes The national credit bureaus offer a toll-free number that enables consumers to opt-out of all pre-approved credit offers with just one phone call. Call 1-888-5-OPTOUT (1-888-567-8688) for more information

Good Luck
Verify Tenant
www.verifytenant.com

What’s In a Credit Score?

The information that impacts a credit score varies depending on the score being used. Credit scores are affected by elements in your credit report, such as:

• Number and Severity of Late Payments
• Type, number and age of accounts
• Total debt
• Public records