We’re proud to announce that we’ve upgraded our Experian credit reports to include FICO® Score 9! FICO® Score 9 is now available for all CIC™ Experian credit report users. With the switch from FICO® Score 8 to 9, you’ll want to be aware that there will be a few changes to how your rental applicant’s credit scores will be calculated.
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.
ApplyConnect, a revolutionary tenant screening service for landlords and real estate agents celebrates the first anniversary since the product launched in October of 2013. Throughout the first year, multiple product enhancements were released to continue to provide clients with the best possible solution for an easy-to-use, comprehensive alternative to traditional screening.
Feeling empowered is a wonderful thing, particularly when it comes to finding and moving into your new home. Thanks to technology and ingenuity of many people aiming to make the process less cumbersome, the modern-day apartment hunter has numerous resources at their disposal to empower their big move.
When someone mentions the FTC, the EEOC, and the FCRA in the same sentence, it may sound like a ladle of alphabet soup. What’s really being served up is a new joint publication by the Federal Trade Commission and the Equal Employment Opportunity Commission that talks about how the Fair Credit Reporting Act and the mandate to comply with anti-discrimination laws intersect when employers use background checks in personnel decisions.
Update: On Feb. 27th the bills did not make it out of the Senate Financial Institutions, Housing, and Insurance Committee. The bills are therefore (likely) dead.
The Problem: There have been reports of some consumers who have experienced delays in obtaining rental housing due to the costs associated with consumer reports obtained by property managers and landlords to qualify the consumer’s tenancy. The state of Washington’s Residential Landlord-Tenant Act (RLTA), which regulates the relationship between landlords and tenants, acknowledges that screening reports are an important part of this relationship. Further, the Washington State Legislature has “…found and declares comprehensive tenant screening reports are a necessary and fair solution for both applicants and landlords”. Despite the importance of these documents to all parties, legislation now pending in the Washington state legislature (H.B. 2537)) would both lower accuracy and increase the potential for fraud in these documents, exposing both landlords and the prospective tenants to incorrect housing decisions.