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Personal Credit Report For Landlords |
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If you're a landlord, you can use consumer
personal credit report to evaluate your prospective tenants' rental applications as long as you abide by the provisions of the Fair Credit Reporting Act (FCRA). The FCRA is formulated in a manner to protect the confidentiality of consumer personal credit report information and to ensure that the information provided by the consumer reporting agencies (CRAs) is as correct as possible. The FCRA requires that landlords who turn down an application, based on information provided in the applicant's consumer report, should provide the applicant with an adverse action notice. A consumer personal credit report carries complete information about a person's credit characteristics, character, general reputation, and lifestyle. A personal credit report may also include information about a person's rental history, such as information from prior landlords or from public records like housing court or eviction files. Covered by the FCRA, a personal credit report needs to be prepared by a CRA: a business that compiles such reports for other businesses. The most prevalent CRA is the credit bureau. Landlords usually use consumer reports from such bureaus to help them evaluate rental applications. These personal credit reports include: A personal credit report from any of the credit bureaus, such as TransUnion, Experian, Equifax, or an affiliate company. A report from a tenant-screening service that contains the applicant's rental history based on reports from prior landlords or housing court records. A report from a tenant-screening service that contains the applicant's rental history, and also includes a personal credit report that the tenant-screening service got from a credit bureau. A report from a tenant-screening service that only contains a personal credit report that the tenant-screening service got from a credit bureau. A report from a reference-checking service that gets in touch with prior landlords and other references listed on the rental application on behalf of the landlord. Landlords often ask for an applicant's personal, employment, and previous landlord references. FCRA also specifies as to who can carry out the verification. A reference verified by the landlord's employee is not covered by the Act; a reference verified by an agency hired for that purpose by the landlord is covered. When an application is denied solely or partly based on the information in a consumer report, the FCRA requires you to give a notice of the denial to the consumer. The notice must include: the name, address and telephone number of the CRA that provided the consumer report, along with a toll-free telephone number for CRAs that maintain files nationwide; a statement that the CRA that supplied the report did not make the decision of denial and can't state any reason for it; and a notice of the individual's right to challenge the accuracy or completeness of any information the CRA provided, and the consumer's right to get a free report from the CRA upon request within 60 days. Even if information contained in the personal credit report was not the main reason for the denial, it is still necessary to give an adverse action notice. As a matter of fact, even if the information in the personal credit report plays only a small part in the overall decision, the applicant still needs to be notified. The adverse action notice requires the name the CRA that provided the personal credit report to the landlord, even if the information comes from a different CRA. For example, a personal credit report from AB TenantScreen includes a personal credit report from BC Credit Bureau. Then the adverse action notice should name AB TenantScreen as the CRA because AB TenantScreen was the provider to the landlord. The notice may also state that AB TenantScreen obtained the credit information from BC Credit Bureau, though it is not mandatory under the FCRA. Landlords are not just concerned about the timely rent payments to your previous landlords. They also want to verify whether you pay your credit card bills and loan bills regularly, and manage your finances well. Thus, having a good personal credit report can go a long way in getting you the home you want. |
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