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.
Let’s be honest, whether it is an interview for a job or meeting with an applicant for a rental it’s easier to work with someone you like than someone you don’t. In a seat of power where you are the decision maker it becomes important to outline what you are looking for so that you remain protected from showing any type of discrimination that can be used against you. In the rental process this is especially important because making decisions based on subjective information can open the door to all sorts of fair housing violations. Follow these 5 tips on creating an objective rental process and you will greatly improve the protection of you and your owner’s best interests.