New Requirements for Landlords Who Deny on the Basis of Credit Score - Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). Landlords who take “adverse action” regarding a tenant application will have to provide specified information if that adverse action is based upon the applicant’s credit score. What might adverse action be? At least one of the following: 1) Denying the lease/rental application; 2) Requiring a co-signer; 3) Requiring a higher security deposit; and 4) Requiring an increased rent amount. Read article:
http://realtytimes.com/rtpages/20110927_landlords.htm
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