Re: Do you let renters run their own credit reports?

Re: Do you let renters run their own credit reports? by P-Bone (NY and OH) on February 8, 2016 @11:34

I have to disagree again on many points...

1) Many of those electronic methods only send a snapshot of the credit report, or only a credit score, this is not adequate for me to get a clear picture of the credit worthiness of a prospect. Additionally, why would a landlord take the time to sign up for any and possibly all the many different processes that each different applicant might want to use.

2) So, I would argue, if a prospect is not willing to give it to you in order to do your own proper screening (i.e. credit check), do you really think they'd give it to you to sign a lease? You could easily waste hours screening a prospect that decides they still don't want to give up their SSN.

3) I still don't understand the hassle. Personally, I don't print out credit reports anymore, so although I have a locked cabinet for all the other PII, I don't keep physical versions of the credit report. My credit reporting provider keeps them all online and accessible for me, so I can go back and pull up an old one any time I want.

4) That's just the cost of looking for a new apartment in your market then. No one says you have to apply to 10 apartments. If you are a well qualified applicant, these costs should be low as you should be accepted from almost any you apply to.

5) New York City apparently can handle charging tenants for screening/applications, and as you have stated, you were willing to pay for up to 10 applications at $30-$75 each. As a small time landlord in Buffalo, competing against landlords who don't check credit and take on prospects with a handshake, I'm always fighting an uphill battle.

6) Again, I would never send a credit report to a prospect, even if they are denied based on credit. I would send them an adverse action letter that indicates how they can go about obtaining a copy of the credit report directly from the credit agency. I am under no obligation to provide them a copy of their credit report.

7) Again, if landlord's aren't using approved screening partners for purposes of running credit reports, than that's a different problem for those going against the rules. If is not an argument for why I should accept a prospect provided credit report.

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Re: Do you let renters run their own credit reports? by George (New York) on February 8, 2016 @17:38	[ Reply ]

P-Bone, Thank you, your comments are very helpful. I am working on creating a system for efficiently and securely running and sharing credit reports. Your comments and concerns are great because it helps me validate the processes I am laying out and gives me insight into things that I may not have considered. Thanks again! I much appreciate you taking time to share your thoughts.

Re: Do you let renters run their own credit reports? - Landlord Forum thread 342883