Landlord Credit Report

Landlord Credit Report is a testament of the financial facts and figures of a consumer. This report is of sumptuous importance to Property owners and Rent payers, alike. Not only before deciding the tenant for the property, analyzing Landlord Credit Report is of real help to property owners even before lending credit to individuals on a fixed interest rate.

FCRA has empowered the property owners and creditors legally for obtaining Landlord Credit Report whenever they need to investigate about the economic status of an applicant. Although this report can be obtained from various service providers like tenant screening services and tenant reference checking services, US government authorizes Equifax, Experian and TransUnion credit bureaus.

However, landlords can't take actions relying on the Landlord Credit Report without justifying them. Federal laws have listed a few actions like tenancy application denial, demand for a co-signer from Lessee, comparatively higher rent amount and security deposit amount as Adverse Action. Failing to justify is, however, a legal offense and punishable by law.

If a property owner decides to cancel a tenancy or debt requisition based on Landlord Credit Report , he is bound by the Landlord Tenancy and Fair Credit Report acts to disburse an adverse action notice in the name of the applicant. This notice justifies the standing of the landlord. This notice should inform the applicants about their right for requesting a free copy of the Landlord Credit Report from the concerned Credit Bureau and also provide with the contact details of the bureau, issuing the report.