With September 15th just around the corner, you’ll want to prepare your staff for the next phase of the three credit bureau’s National Consumer Assistance Plan (NCAP). Aiming to improve the quality of their public record data, Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018.
Tenant Screening Advice
On September 15th, 2017, the second phase of the National Consumer Assistance Plan (NCAP) will go into effect, and while you might be reeling from the first phase, it’s important to know what credit changes are on the horizon. This next big push will affect medical debt collection accounts.
Aside from a few tips on how to boost your credit score, not a lot of people know what’s true and false about credit reports. To be fair, even when you deal with credit every day, it can be difficult to keep the facts straight. Up your credit knowledge with our myth-busting guide, and see if you know the truth about these credit report myths.
For property managers, adhering to the Fair Housing Act (FHA) is an integral part of the rental process. While your leasing procedures are certainly saturated with methods to stay FHA compliant, do you use the same caution when communicating with applicants and renters online? In order to avoid any misunderstandings involving your standings with the Fair Housing Act, incorporate these fair housing tips when you market your vacancies online.
The National Consumer Assistance Plan (NCAP) is now in effect! As of July 1, 2017, all new and existing public record data used by Experian®, Equifax®, and TransUnion® will be held to the new NCAP standards. While the implementation of these standards will occur over a three year period (with full implementation expected by March 2018), the three major credit bureaus have begun to take steps to improve data accuracy and quality.
In celebration of “National Housing Month” and amidst the hustle and bustle of the National Apartment Association (NAA) Education Conference and Expo last week, the National Consumer Reporting Association (NCRA) has released their “Man on the Street” video series! Designed to provide the average person with a basic understanding of what is and isn’t included on a credit report and to emphasize the importance of positive and accurate information, the series is an educational resource for everyone.
As a property manager, you depend on credit scores to help you make the best rental decision, but how much do you know about credit scoring models? With this guide, you’ll not only learn some of the differences between FICO™ and VantageScore® 3.0, but how to use credit scores to uphold your rental standards and protect your community.
In this day and age, most Americans have become extremely critical about the type of information they receive. Whether they’re analyzing the true sugar amount of their favorite Summer-time drinks or the overwhelming number of articles coining the phrase ‘fake news’, unfortunately you can’t stop there. With a simple internet connection, your rental applicants can now forge their own credit reports.
With the credit bureaus’ new National Consumer Assistance Plan (NCAP) hot on our heels, it’s starting to look like these future changes could actually improve millions of U.S. credit scores. While a score boost definitely rears in the rental applicants’ favor, these new standards might be a little disconcerting for property managers and property owners where tax liens and civil judgments play an important role in the rental decision.
Determining if your tenant screening provider has quality criminal and eviction data is essential if you want to maintain a standard when accepting applicants. With faulty or subpar data, you leave your community open to potential threats, which can include extensive damages, lawsuits, fines, and a loss in reputation. To discern if you need to shop for a new resident screening provider, check if your current provider is showing these 3 red flags.