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Landlord Newsletter October 12, 2011 |
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October 12, 2011 
In this issue:
Please e-mail us if you have any questions or would like to add or share any material / information. By John Nuzzolese
In order to secure a good tenant for your rental, it is critical that we practice proper tenant screening. This includes verification of all the reference information on a detailed tenant rental application. A credit report is an important final step of verifying the tenant's financial history, or track record. Credit reports contain important factors in evaluating a person's creditworthiness. Creditworthiness, of course, is what you are looking for if you plan to hand over your rental property to someone. So What Are "5 Reasons Credit Reports Don't Work?"
It happens every day. You show your rental property to someone you really like. They seem so nice and you leave the appointment feeling like you've got this deal in the bag. It could be a nice friendly couple you seem to have hit it off with, or a friendly guy who seems too good to be true. They may ask questions like, "Is it OK if I plant a few flowers in the garden?", or "Do you mind if I fix small things that need fixing?"
If you feel the person is untrustworthy, irresponsible or just a plain a jerk, that is a major factor for you to consider, even if the credit report is good. You MUST MUST MUST verify the prospect's identity! Ask to see a driver's license and also get or make a copy of it. Always make sure the person you are screening is the same person on the credit report. If you don't understand the jargon and codes in an average credit report, don't feel bad. It's easy and the following link will help you understand and be able to analyze credit reports and make good screening decisions....
Click for the full article and also some free tenant screening forms If you reject an applicant because of negative information on his credit report, an Adverse Action Letter is needed to comply with FCRA (Fair Credit Reporting Act) regulations. The Adverse Action Letter includes the contact information for the consumer credit reporting agencies that played a role in the decision of rejecting the applicant based on the contents of his or her credit report. This contact information allows the rejected party to obtain a free copy of his or her credit report from the credit bureau(s) used to make the negative decision.
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: It depends on your lease. Do you have any restrictions in there? If it's a detailed lease you probably prohibit any unlawful activity. If so serve a Notice of Default and demand to cease and desist. Who knows... Maybe they'll stop the business. If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. "It is better to have NO tenant than it is to have a bad tenant." - John Nuzzolese "A ball player has to be kept hungry to become a big leaguer. That's why no boy from a rich family has ever made the big leagues." - Joe Dimaggio "Money is attracted to great ideas." - Robert G. Allen "Time is the stuff life is made of. – Ben Franklin "How much did your last tenant problem cost you?"
- John Nuzzolese
Did You Know...? If you ordered any LPA forms in the past 60 days, the LPA will credit back to you the cost of those orders when you email us your new LPA Membership order #.  Take Advantage of our low Renewal Prices! How to Check your LPA Membership Expiration Date:  
If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money! What are people saying about The Landlord Protection Agency? |
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What??? Credit reports don't work? This must be a joke, right? Tenant credit reports are one of the most important screening tools in the rental housing industry.
Adverse Action Letter