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Property Management Elert – Spring 2012



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Compliance Corner

Q: What is an adverse action?

A: An adverse action is any action by a landlord that in unfavorable to the interests of a rental applicant. Common adverse actions by landlords include:

  • Denying the application
  • Requiring a co-signer on a lease
  • Requiring a deposit that would not be required of another applicant
  • Raising the rent to a higher amount than for another applicant

Spring Has Sprung

It’s time to spring into Spring, that eagerly anticipated time of year when everything is new, fresh, and clean. Advanced Reporting has gotten the spring cleaning bug and spruced up our look with a clean, fresh new logo and website. Check in often to see what we’re up to, and subscribe to our blog for the latest screening news.

When you’re doing your spring cleaning this year, don’t forget to take a look at your screening program. This a great time to review your packages, processes, and procedures to make sure you are getting the most effective combination of information and that your compliance program is in line with current laws and regulations. Call or email us today to schedule a consultation with your team at Advanced Reporting.

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A FACTA Act FAQ for Landlords

The FTC proposed certain solutions to assist users of consumer reports to be compliant with their obligations under the “Address Discrepancy Rule”, which can be summarized as follows.

Whenever the user of a consumer report (that’s you, the landlord, manager or employer) receives a message from the consumer reporting agency stating that there is a discrepancy between the address entered for the consumer and the address report:

  1. The user of the consumer report should compare the information from the consumer report to information obtained from third-party sources or verify the information in the consumer report with the consumer. There is little guidance on what is meant by third-party sources, but verifying the information with the consumer might mean creating a process that involves asking the consumer so-called “out of wallet” questions formulated from the consumer report information as a reasonable solution to compliance with this new rule.
  2. The regulation also indicates that other authentication procedures that are reasonable authentication procedures may be used as well.

Read the entire article.