There are 2 federal laws that contain very serious & expensive penalties for property management if there is not 100% compliance.
Federal Fair Credit Reporting Act
Adverse Action Letters are required if:
- Adverse action (i.e., denial) is taken based on whole or in part on information in a consumer report
- Adverse action is taken on a completed rental application
- Adverse action is taken on an incomplete rental application
- Adverse action is taken if a counteroffer is made for credit and the applicant does not accept the counteroffer.
We never release credit reports to anyone, including the applicant or his/her spouse
- Only Resolve Partners can release credit reports.
- Refer all such requests/inquiries to Resolve Partners
Federal Residential Lead-Based Paint Hazards Action
For all dwellings built before 1978:
- An EPA-approved information packet must be provided prior to signing a lease
- Disclosure of any known information about lead-based paint prior to signing a lease.
There are no exceptions to these federal laws and the burden of proof rests with the property manager. We at T. R. Lawing Realty work very diligently when dealing with rental applications, credit reports and/or dwellings built before 1978.