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