If after reviewing a prospective tenant (consumer and/or credit) screening report you determine that you are willing to accept the tenant on the condition that the tenant provides either a larger security deposit or a guarantor, must you provide a tenant denial letter with those conditions in compliance with the Fair Credit Reporting Act?  In other words, is a conditional denial deemed a denial that triggers an obligation to provide a denial letter?  The answer is yes!

  •   If you deny a prospective tenant based on conditional reasons like – I would accept you BUT …. I need a  larger security deposit

OR

  •   I need a Guarantor

That is a denial and you must provide a denial letter in a format that is in compliance with the Fair Credit Reporting Act. If you choose to email this letter, make sure to check the “request a delivery receipt” and then save both the email and delivery receipt in a folder.

Lastly, when you send out a denial letter, make sure the denial letter is sent to every applicant listed in the application & KEEP A COPY for at least 4 years.

When it comes to managing your single, multi-family or commercial properties, rest easy – Octazon Management has got you covered. Our full-service property management company can handle everything from maintenance and landscaping, to screening potential tenants, preparing leases, handling code violations, insurance claims & tax appeals, marketing, advertising and managing your properties online with our advanced technology that allows us to stay connected and maintain transparency with our clients.

When providing management services to Realtors, Octazon will NOT provide the leasing, rentals or sales– so you never have to worry about losing control of your relationship with the owner. 

With Octazon, we bring order to residential property ownership.

Call us at: 888-324-9528 or email us at: info@octazon.com today.

Check us out @ www.octazon.com

“Single Family Residential – REO – Multifamily – Commercial”

Posted by: marvinkatz on July 26, 2013