The passage of the Dodd-Frank Wall Street Reform Act has amended the Fair Credit and Reporting Act which governs access to credit information. As a result, landlords potentially need to augment the information they provide to applicants on their notice of adverse action (denial) or conditional acceptance (with adjusted terms).
If a landlord takes an action other than acceptance with respect to an applicant that is based in whole or in part on any information contained in a consumer credit report, the landlord shall provide the following additional information to the applicant.
• Numerical Score (the Credit Score – found on the credit report)
• Score Range of the Scoring Model Used (e.g., Transunion (350-900) – Experian (300-900))
• Score Factors (factors affecting the score – found on the credit report)
• Score Date (the request date on the credit report)
• Score Source (the credit bureau that supplied the Credit Score – found on the credit report)