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.