Question

What are the property manager's disclosure requirements when sending an adverse action letter to a residency applicant? If you deny an applicant based on information in a credit report, you must write an "adverse action" letter which should include ?

Answer 1

When sending an adverse action letter to a residency applicant, property managers have certain disclosure requirements. The letter should include information about the credit report, the right to request a free copy of the report, dispute inaccuracies, and request a credit score.

Step-by-step explanation:

When sending an adverse action letter to a residency applicant, property managers have certain disclosure requirements. If an applicant is denied based on information in a credit report, the adverse action letter should include specific information. It should state that the decision was based on the applicant's credit report, provide the name, address, and contact information of the credit reporting agency, and explain the applicant's right to request a free copy of their credit report. Additionally, the letter should also include information about their right to dispute the accuracy of the credit report and request a copy of their credit score.