Austin Real Estate Update

Property Managers, Lanlords and Tenants BEWARE:  New requirements by the Fair Credit Reporting Act (FCRA) was signed into law by President Obama in July of 2010. These new requirements have been in effect since July 21, 2011.

This new policy requires the Landlord to provide specific information to the tenant if the Landlord is doing one of the following based on credit:

• denying the lease/rental application

• requiring a co-signer or guarantor 

• requiring a higher security deposit

• requiring an increased rent amount

If such an action is taken, based on the tenant's credit score, then the following information must be provided to the applicant:

1. the credit score

2. the entity that created the credit report

3. the date of the credit report

4. the range of possible scores within the model used

5. the key factors, not exceeding four, that affected the credit score

For more informatioin about buying, leasiing, selling or property managment, call Premiere Team Real Estate or Premiere Team Management at 512-795-9918

Provided information was taken from many sources such as FCRA, National Tenant Network and other recent articles.