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Adverse Action Letters

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Information about Adverse Action Letters
Real Estate

Published on March 5, 2014

Author: ResolvePartners

Source: slideshare.net

Description

The importance of sending Adverse Action Letters when making an adverse action against a rental applicant. The fine could be up to $10,000 for not sending one! www.Resolve-Partners.com
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Automated Adverse Action Letter Service Are You Sure Your Properties are Sending out the Adverse Action? Letters? The Fine for not sending out an adverse action letter can be as much as $10,000.00!! Quick Description: These forms will inform an applicant that you have taken adverse action, and it will provide them with information on how to obtain a copy of their report. What is it? These forms are used to notify an applicant that based on the information you received, you will be taking an adverse action. This includes informing the applicant that his or her application has been declined, that you will be asking for a cosigner/guarantor, a security deposit or a larger security deposit than you would otherwise based on information you received from a Consumer Reporting Agency. The information in these forms is required to be communicated to the applicant pursuant to federal law. All applicants who are the subject of an adverse action should also receive a copy of “A Summary of Your Rights Under the Fair Credit Reporting Act” at the time they are notified of the adverse action. Who should use it? Any person, who utilizes Consumer Reports in a decision process, must use the adverse action notice and the Fair Credit Reporting Act (FCRA) Summary of Rights. When should it be used? Once you have obtained a report from any of the consumer reporting agencies and you have determined that an adverse action will be taken, the adverse action letter needs to be sent to the applicant. The appropriate source(s) of information that contributed to your decision, will be included and then either mail or hand-deliver the letter. You may notify the applicant by phone, but always follow it with the adverse action letter and Summary of FCRA Rights. In the case of married couples or roommates, each applicant should receive a letter in his or her name. Why should it be used? The Federal Fair Credit Reporting Act requires the issuance of adverse action letters. Such letters provide the applicant For more information, contact: AVALIN INMAN – Sales Specialist Phone: 336-217-1005 Avalin.Inman@Resolve-Partners.com

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