LLC.
FAQ PAGE – Reality Check
1) Do I have to be a subscriber or can any landlord use this service? ANY landlord, manager or employer who visits the REALITY CHECK web site may use this service. There are no membership fees, monthly dues, start-up or subscription fees required with this service. Any landlord, manager or employer who desires to request a credit report or Criminal History on an applicant, must first sign a Landlord Agreement that you will abide by Fair Credit Reporting procedures. Click HERE to be review that agreement.
2) Once my service account is set up, will I have to go through this process each time I want another credit and or Nationwide Criminal & Sex Offender report? No, this is a one-time process. Once your account is setup and user name and password assigned, you will be able to request instant online credit reports and/or criminal history reports 24 hours a day, seven days a week.
3) Can I charge the prospective tenant an application fee to cover the credit report? That is the normal practice for most landlords. They charge each applicant a screening, application or credit check fee to cover the cost of the credit report.
4) What company provides the credit, Nationwide Criminal & Sex offender report service? We incorporate several providers to blend services to ensure maximum value for our clients.
5) Will I be able to understand the reports? Yes, the report is provided in an easy to read format. In addition, the forms have online explanations of how to read the reports. And if you need help the first time, we will be glad to assist you by phone.
6) What if a credit report or criminal history report I receive on an applicant has negative information, and I choose not to rent to him or her? You will need to send or give the applicant a Denial Notice and keep a copy in your file to document why you are denying the applicant. This is extremely important for full compliance with Fair Housing Laws. Also, according to the Fair Credit Reporting Act, you a required to notify a denied applicant in writing. You are also required to provide certain information to each denied applied applicant. Click here for a sample denial letter.
7) What if my applicant wants to know what the report says and disagrees with what is on it? A denied applicant may within 60 days of the date of the report, request a copy of the rental report. Where to request the report should be on the denial notice you give. Upon receiving this report they have the right to submit a 100-word statement regarding any disputed information.
8) How is the SCORE determined on the Tenant Credit Reports? The FICO SCORE is a number that is calculated through credit reporting agencies using formulas developed by Fair, Isaac & Company. The score will appear on your credit report as "Isaac Risk Score". A mathematical formula is used that evaluates many types of information on the credit report by that agency (i.e., Payment history, amount owed, length of credit history, new credit, types of credit in use, etc.) The score is determined by comparing the applicants information to the patterns in millions of past credit reports. This score serves as an objective standard that can be applied equally to all applicants to help you in selecting a resident that will pay all their debts to you. Using the objective FICO score as part of your screening process also shows that you are attempting to follow Fair Housing guidelines and not illegally discriminate. This is an important safeguard.
9) How do I use or interpret the SCORE on the credit report? The FICO scores for each applicant will range from 300 to 900. The lower the score the higher the risk. If a resident has a low a score, you may want to require a higher security deposit (within state limits) or a cosigner. The higher the score, the more likely an applicant will NOT have money problems. Use this number to compare the scores of different applicants. You may also wish to set a certain score as the minimal acceptable score for your selection criteria. For example, many landlords set cutoff points -- 600 or above, for example -- as the minimum scores they will accept for their properties. Click here for additional information on how to interpret the score. Remember, however the FICO score is just one factor in the selection criteria, so be sure to read and review the complete report.
12) Let's do it. How do I sign up and get my free username and password. I want to be able to get criminal history and tenant credit reports on line through this web site?