Federal Fair Credit Reporting Act (FCRA Ė Public Law 91-508)
Although this amendment to the Consumer Credit Protection act primarily regulates the operations ofconsumer reporting agencies, it also affects you, our subscriber. We suggest that you and your employees become familiar with the following sections:
&604 Permissible Purpose of Reports
&607 Obligations of Resellers
&615 Requirements on Users of Consumer reports
&619 Obtaining Information Under False Pretenses
&623 Responsibilities of Furnishers & Obligations of Users of Consumer reports
All three (3) sections are of direct consequence to users who obtain reports on consumers.
Landlord Connection strongly endorses the letter and spirit of the Federal Fair Credit Reporting act. Webelieve that this law and similar state laws recognize and preserve the delicate balance between the rights of the consumer and the legitimate needs of commerce.
In addition to the Federal Fair Credit Reporting Act, other federal and state laws addressing such topics ascomputer crime and unauthorized access to protected databases have also been enacted. AS a prospective user of consumer reports, we recommend that you and your staff become fully familiar with all relevant federal statutes of the states in which you operate.
Please confirm your receipt of this notice by signing and returning a copy of this FCRA
Please refer to the Federal Trade Commissionís website at http://www.ftc.gov for the entire text of the FairCredit Reporting act.
AUDIT COMPLIANCE REQUIREMENT AGREEMENT
In order to comply with the Audit Compliance Requirements, as set forth in Public Law 91-508, (FairCredit reporting Act), you, as a Subscriber to the Landlord Connection agree to the following:
1. You MUST obtain written consent from the Consumer in order to obtain a credit rating forTenant Screening Purposes (Section 604, Paragraph (2); (3), (a); e). The Consent MAY be included in a Standard Rental Application Form of your choosing, which specifically authorizes you to obtain a Consumer (or "Credit") report. (FOR YOUR CONVENIENCE, IF YOU DO NOT HAVE THIS FORM, USE OUR RENTAL APPLICATION PROVIDED ON THIS WEBSITE.
2. You MUST retain the signed, written Consumer Consent or Rental Application Form for a period of not less than TWO YEARS (2) to prove that you obtained the Consumerís written consent to obtain the Credit Reports, and/or Rating or Score.
3. You MUST be able to provide the Landlord Connection with a clear, faxable copy of the Consumerís signed consent upon request within 48 hours of the request, since Landlord Connection has agreed to furnish the service to you, without the normally required signed consent being faxed to us prior to obtaining the report. In essence, you, as a Subscriber are being trusted, and are agreeing to be able to produce the signed Consumer consent, upon request,
4.IF YOU DO NOT PROVIDE THE SIGNED CONSENT FORM AT THE TIME OF REQUEST, THE FOLLOWING WILL OCCUR:
a.IMMEDIATE SUSPENSION OF SERVICE
b.YOU WILL BE SUBJECT TO THE PENALTIES IDENTIFIED UNDER FCRA SECTIONS
616 AND 617 [5USC 1681(n);(o)]
As a Landlord Connection Subscriber and by signing our Membership Agreement you acknowledge that you have read and fully understand theabove requirements, and agree to all terms and provisions, specifically with respect to maintaining the signed Consumer consents, and to provide them to Landlord Connection, upon request, within 48 hours, in order to comply with Landlord Connection's audit compliance requirements.