I first called Landlord2Landlord, the agency I’d been using to pull credit reports before they changed the laws, to find out what needed to be done. First, they sent me some paperwork to sign and fax back, stating the address and nature of my business, and authorizing them to charge $75 to my credit card. They then had a third-party inspection party contact me to set up an appointment. In order to make sure that I could pass the inspection, I asked them some questions about what to expect.
The basic requirements:
- A locked door on the office (commercial space or home office)
- A password-protected computer
- The computer should not be facing outward – so clients could accidentally see an on-screen report
- A lockable filing cabinet
- A paper shredder
TransUnion requires that there is a sign on the door, the other two do not. I don’t really have an official name for my rental “company,” so I decided to just skip the sign… two credit agencies are more than enough.
The actual inspection was a piece of cake, and didn’t take more than 15 minutes. The guy showed up, asked for the building owner/manager’s name and phone number, the web address of my rental business, and how many units I manage. He took photos of the locked filing cabinet, password-protected computer, and asked if I had a shredder. He left his card, and was off.
The next day I received an email from Landlord2Landlord saying that I now have access to full credit reports.
Nice! Why was I so worried about this?
Now I just have to get myself some applicants…