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A summary of consumer rights under FCRA

A summary of consumer rights under FCRAA summary of consumer rights under FCRA

Summary

As a rental agent, landlord, or property manager, you have a right to use the information provided by a Fair Credit Reporting Act-compliant consumer report in making a decision about your potential tenants. However, consumer rights under FCRA are robust, ensuring transparency in both the reporting and use of the information gathered. What’s more, some specific groups have additional protections, including identity theft victims and active-duty military personnel.

[.blog-disclaimer-text]Disclaimer: This article is not legal advice. Legal information is not the same as legal advice, where an attorney applies the law to your specific circumstances. Consult an attorney for advice on your interpretation of this information or its accuracy. You may not rely on this article as legal advice, nor as an endorsement of any particular legal understanding.[.blog-disclaimer-text]

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records).

The following is a list of consumer rights under the FCRA:

  • Consumers must be told if information in their file will be used against them.
  • Consumers have the right to know what is in their file.
  • Consumers have the right to ask for a credit score.
  • Consumers have the right to dispute information or inaccurate information.
  • Consumer reporting agencies must correct or delete incomplete or unverifiable information.
  • Consumer reporting agencies may not report outdated, negative information.
  • Consumers access to files are limited.
  • Consumers must give consent for reports to be provided to employers.
  • Consumers may limit “prescreened” offers of credit and insurance based on information in their credit report.
  • Consumers may seek damages for violators.
  • Identity theft victims and active duty military personnel have additional rights.

Cap Rate Calculator

rentspree illustration of calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Value

Current market price or listed value
$

Yearly earnings

Anything you make a profit from that has to do with the property
$
$
$
Total A:

$

0.00

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Oops! Something went wrong while submitting the form.

Yearly Expenses

Anything you make a profit from that has to do with the property
$
$
$
$
$
$
Total B:

$

0.00

Thank you! Your submission has been received!
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Cap rate

0.00

%

Cap rate

$
$

0.00%

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Commission Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Price

$

Commission Percentage

%
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Oops! Something went wrong while submitting the form.

Total Commission

$

0.00

Commission for Each Agent

$

0.00

Total Amount Seller Receives

$

0.00

Rent to Income Ratio Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Rent-to-Income Ratio Calculator

$
$
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Rent-to-Income Ratio:

0

%

Move-in Move-out Calculators

Move-In Calculator

$
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1st Month's Prorated Rent:

$

0.00

Additional Move-In Costs (optional)

$
$
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Total Move-In Cost:

$

0.00

Move-out Calculator

$
Thank you! Your submission has been received!
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Move-Out Prorated Rent:

$

0.00

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