Governor Brown’s 2013-2014 budget could prove catastrophic to California’s property management companies, real estate agents, landlords and employers if passed as currently proposed. The budget includes a “per case” search fee for criminal and civil court records which will create an undue burden on California businesses and increase the threat to public safety in the rental housing community.
In this advancing technological age, developers across the country are innovating greater, faster methods of providing information. For the property management industry this translates into the creation of a vast network of information on potential applicants, equipped with the delivery of increasing speeds and accuracy. However, the difficulty with this specific type of data is that it largely includes regulated content that is scrutinized by governing entities (to ensure the protection of the consumer’s identities and rights).
Do you remember the days when job applicants put on a nice suit, walked into a business, spoke with the manager on duty and asked if they had any positions open? After a few questions over a cup of coffee, it was decided whether the applicant and the open position were right for one another. “When can you start?” or “I’m sorry, this just isn’t a good fit.”
Social Security numbers, driver’s license numbers, bank account numbers and credit scores – these are just a few of the ways we are identified before anyone even knows our names!
The first three have been around for a long time and we are all aware of their importance, but what about credit scores? What are they, and what do they tell about us?
Have you ever had an applicant that required an adverse action letter?
Maybe their credit score didn’t meet your criteria or their monthly income was below your requirement. Whatever the reason was, did you make sure to send a proper adverse action letter or notice – because if not, you are violating your consumers rights under the Fair Credit Reporting Act. You need to know constitutes the need for an adverse action notice and what are the best ways to go about providing one or else you might end up with a very disgruntled consumer.