What Landlords Need to Know about using consumer reports

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

 

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  • 9/3/2010 9:07 AM wrote:
    This is my first time at your blog and I've really enjoyed looking around. I will come back again in the future to check out some of the other articles.
    Reply to this
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