TENANT SCREENING

newproject

When an applicant’s credit is pulled, we do not review a copy of the applicant’s credit score.  Any applicant who is denied or who is required to pay additional move in costs (higher deposit or last month’s rent) or who is required to provide a qualified co-signer, must receive a notice called an adverse action notice.  If tenant screening includes a credit score, additional disclosures are required in the adverse action notice. Credit scores may not be shared between applicants.

The additional disclosures required when a credit score is reviewed include the following:

  • A statement that a credit score is a number that takes into account information in a consumer report, that the consumer’s credit score was used to set the terms of credit offered, and that a credit score can change over time to reflect changes in the consumer’s credit history;
  • The credit score used by the creditor in making the credit decision;
  • The range of possible credit scores under the model used to generate the credit score;
  • The key factors that adversely affected the credit score;
  • The date on which the credit score was created; and
  • The name of the consumer reporting agency or other person that provided the credit score.

Instead of reviewing the credit score, we review the applicant’s credit report plus the screening company verifies employment and income and checks rental, criminal and eviction histories.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!
There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

About Coldwell Banker Bain Property Management

As residential property managers for Coldwell Banker Bain Property Management Division, we manage single family residences, individual condominium units and small apartment complexes in the greater Puget Sound region. We serve Seattle, Tacoma, Anacortes, Marysville, Bainbridge Island, Lynnwood, Everett, Redmond, Bellevue and many other cities in Washington State. We also offer full service commercial property management.
This entry was posted in Did you know.... Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s