The National Consumer Assistance Plan (NCAP) is now in effect! As of July 1, 2017, all new and existing public record data used by Experian®, Equifax®, and TransUnion® will be held to the new NCAP standards. While the implementation of these standards will occur over a three year period (with full implementation expected by March 2018), the three major credit bureaus have begun to take steps to improve data accuracy and quality.
In celebration of “National Housing Month” and amidst the hustle and bustle of the National Apartment Association (NAA) Education Conference and Expo last week, the National Consumer Reporting Association (NCRA) has released their “Man on the Street” video series! Designed to provide the average person with a basic understanding of what is and isn’t included on a credit report and to emphasize the importance of positive and accurate information, the series is an educational resource for everyone.
As a property manager, you depend on credit scores to help you make the best rental decision, but how much do you know about credit scoring models? With this guide, you’ll not only learn some of the differences between FICO™ and VantageScore® 3.0, but how to use credit scores to uphold your rental standards and protect your community.
As we’re well into 2017, quite a few legislative changes have developed since January. With passed and potential bills affecting the multifamily industry and employment on a nationwide and state level, check below to see if you’re affected.
In this day and age, most Americans have become extremely critical about the type of information they receive. Whether they’re analyzing the true sugar amount of their favorite Summer-time drinks or the overwhelming number of articles coining the phrase ‘fake news’, unfortunately you can’t stop there. With a simple internet connection, your rental applicants can now forge their own credit reports.
With the credit bureaus’ new National Consumer Assistance Plan (NCAP) hot on our heels, it’s starting to look like these future changes could actually improve millions of U.S. credit scores. While a score boost definitely rears in the rental applicants’ favor, these new standards might be a little disconcerting for property managers and property owners where tax liens and civil judgments play an important role in the rental decision.
When it comes to adding a new amenity or enhancing a component in your community, you want to ensure that the investment will be worthwhile. Whether it’s hosting resident events to increase community happiness, or adding an Uber waiting room to replace a lack of parking, every investment must have a distinct purpose. For strengthening security, CCTV Security systems are the best bang for your buck.