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
- 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.
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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: firstname.lastname@example.org today.
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