Here is the first in our new real estate law series "Tip of the Week" that you can look forward to every Wednesday. The Tip of the Week is brought to you by OnlyClosings.com
Did you know… If a landlord denies an application or requires a co-signer based on information obtained from a consumer credit report, the landlord must follow the rules of The Fair Credit Reporting Act (FCRA) and provide an “adverse action notice.”
This notice must include:
- the name, address and telephone number of the CRA that supplied the consumer report, including a toll-free telephone number for CRAs that maintain files nationwide;
- a statement that the CRA that supplied the report did not make the decision to take the adverse action and cannot give the specific reasons for it; and
- a notice of the individual's right to dispute the accuracy or completeness of any information the CRA furnished, and the consumer's right to a free report from the CRA upon request within 60 days.
To read the article by the Federal Trade Commission “Using Consumer Reports: What Landlords Need to Know.” click here.
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*The content within the "Tip-of-the-Week" is strictly for informational purposes and not intended to be interpreted and/or used as legal advice. Only Closings and OnlyClosings.com is a service provided by Tamara L. Peterson Attorney at Law LLC.