I thought you were going to send a link for the law or regulation. This is one company’s interpretation of the regulation, but with no legal citations, there is no way of knowing if the interpretation is necessary or correct.
This matters because if it is a necessary implementation based on what the law says, then there will be no way around it. if, however, the law leaves ensuring compliance up to the individual, then there may be others who do things differently.
What’s the deal with the new laws regarding credit checks and inspections? I used to be able to pull full credit reports but now am finding that because of a change in federal laws I need to pay a $59 annual fee for a site inspection of my rental unit in order to pull full credit reports. I can avoid the site inspection and annual fee only by having a tenant screening service send me a summary/consolidated credit report. I live in Illinois. Is this happening in all 50 states and has anyone found a way around this? I signed up to receive the summary reports and although they are okay they don’t tell me enough. I want to find a way to get full reports and not have to pay for annual site inspections. Thoughts?
Now, I was fortunate I haven’t had any turnover, and haven’t had to order a report for a while. But I sent in updated info plus an agreement a few months ago to comply with current laws.
Years back, I used a PI firm to pull credit reports, and might go back to doing so if I expereince any problems. I just fax the PI the tenant’s application and they pull the report for me.
I know local rental agents offer to do it for free, and they offer management services too, but I try to avoid them if possible because they push their sometimes “not that great” applicants on me.
Re: Credit checks and Inspections - Posted by Natalie-VA
Posted by Natalie-VA on June 07, 2007 at 07:46:17:
Frank,
Just to clarify, they won’t inspect your rental unit. They want to inspect your office to ensure you’re taking measures to keep people’s confidential info from being stolen.
I checked your site out and they too require the site inspection. Here’s the link within their site that requires this for new members: http://www.atshome.com/tenantmem.asp
When I read the law it states the actual rental unit is the subject of the inspection. The purpose of the inspection is to prove that I actually am using the unit as a rental and not just running credit reports on people I’ve obtained SS# and other personal info from.
Re: Credit checks and Inspections - Posted by Frank Chin
Posted by Frank Chin on June 10, 2007 at 06:33:54:
Frank:
Thanks for the info.
I’m been a ATS member for about 20 years, and I recently updated the subscriber agreement and sent in a copy of my drivers license.
If I was starting out now, I would get myself signed up with a screening service as a member, and if the $59.00 fee and inspection is one time, I don’t think it’s a big deal.
About 20 years ago, before screening services, I paid $95.00 to a PI firm to order a report, and when screening services first came out, it was $45.00 for each credit report. Competition had drive prices down to $9.95.
Compared to what I paid, $59.00 is a bargain. And $95.00 is a bargain for avoiding a deadbeat.
As I mentioned, local brokers offer them to me for free if I get tenants through them, but I didn’t like them pushing “their” unqualified tenants on me.