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FCRA Rules and Obtaining a Copy of your Tenant Screening Reports

Posted: January 27, 2022

Whether you own a single investment property or have several properties in your portfolio, the process of prescreening potential tenants is one of the most important aspects of protecting yourself. Obviously, no one wants to rent a property to someone who has a history of not paying rent, criminal activity, or any of the other issues that often arise when dealing with property management. While tenant screening is one of the most important aspects of owning an investment property, it’s important to understand all the legalities involved, including the applicant’s right to see the information generated on their credit report and background checks.

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act, also referred to as the FCRA, is a law that was put into place designed to protect individuals from having their credit report and other private information accessed by people or entities who do not have a purpose that is specified within the act. However, the FCRA is a multifaceted law that covers a variety of other aspects of tenant screening.

In addition to limiting who can access an applicant’s information and what purposes are considered acceptable, it also dictates how that information is to be managed, and how the subject of those reports can go about obtaining a copy of it.

Can An Applicant Get a Copy of Their Report?

When you run a credit report, eviction search or any other aspect of a background check on a potential tenant, he or she does have a legal right to review the information that you’ve gathered. Applicants who want to see the results of the check that you have run on them can contact you as their landlord, the property management company that you have put in charge of handling your tenant screening needs, or a company like ours.

Obviously, it’s important to be able to gather factual information that can determine someone’s ability and likelihood of being a good tenant. However, it’s even more important that you do so while operating within the framework of the law. The Fair Credit Reporting Act is an integral aspect of effective, legal property management.

If you would like to screen your tenants with a trusted, professional company, contact us today for more information. Not only can we help ensure that you’re getting the best tenants, but we will also ensure that you’re background checks and other tenant screening reports are in accordance with the law.