A: You are right to worry about providing personal credit information.
Last month the Federal Trade Commission reported that 8.3 million U.S. adults had been victims of identity theft in 2005.
In response to consumer concerns, the federal government has focused on the use and abuse of credit-report information.
The Federal Fair Credit Reporting Act regulates who may obtain your information, how it may be used, and what penalties can be levied against those who flout the law.
The site can be accessed at www.ftc.gov.
Several sections apply to landlords, including the circumstances under which credit information may be collected.
According to the FTC site, credit reports can be requested only for extending credit; reviewing or collecting a debt; applying for employment; underwriting insurance; or in connection with some other legitimate business transaction.
A rental application is a legitimate business purpose, and landlords are allowed under the law to request a credit report.
Do you have to provide your Social Security number on the rental application? No.
But to run the credit request, the applicant's full name, current address and Social Security number must be provided to ensure the validity of the report.
On the plus side, new laws have turned the tables on those requesting credit information, requiring landlords to provide their own professional and personal data before dashing off and running credit reports on others.
As a result, landlords calling for that credit report are held in closer scrutiny than ever before.
While all landlords have to belong to some sort of apartment owners' association or screening service to obtain credit reports, not all services interpret or comply with the FTC rules in the same way.
What happens when a prospective tenant fills out a rental application?
Generally, when a call is made by the landlord or his or her representative to the credit-screening office, the operator asks for the specific information that identifies the account holder and name of the individual calling.
If the numbers or information doesn't match up, the request may be rejected.
The only drawback?
Not all landlords belong to a credit service that requires them to submit proper credit-use paperwork.
How can you tell if that's the case? Simply ask.
Whoever requests the credit report should know the answer.
Finally, always ask for a copy of the processed credit report.
Not only is it free, but it provides proof it was actually run and includes the name of the person to contact if you have any questions about the report.
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source: seattletimes.nwsource.com
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