Millions of consumers will wake up to a higher credit score this month, (as much as a 10 to 40 points improvement) through no fault of their own. Beginning in July, Equifax, Experian and TransUnion will no longer report public records on most civil judgments, such as evictions, money owed because of a lawsuit as well as many unpaid state and federal tax liens. PROPERTY MANAGERS AND RENTAL PROPERTY OWNERS WILL SUFFER.
As of July 2017, Experian, Equifax and Transunion are making updates when it comes to how items such as civil judgments and tax liens will appear on your credit report. Most Americans won’t see any changes to their credit score, but it’s good to be up to speed on what’s being reported now. We lay out what you should know about the items and what exactly is changing:
What part of my credit report could be impacted?
Tax liens and civil judgments are two types of public records that appear on your credit report if they’ve been reported to a credit bureau. A complete tax lien or civil judgment that is reported includes the following pieces of information: a name, an address, and either a birth date or Social Security number.
What is changing?
These items will still be reported to the three major credit reporting agencies (Experian, Equifax and Transunion). However, now there are additional criteria for them to appear on your credit report. Since many entries lack these data points, the credit reporting agencies are no longer going to present an entry if it doesn’t include at least three of those four criteria. Liens and judgments are negative events that can hit your credit report—and their removal may cause a slight increase in your credit score once they fall off your credit report after seven to ten years.
Will my credit score change?
The majority of people won’t be impacted. Estimates by FICO and most analysts indicate that 6-7% of people with credit scores may see these items come off their credit report with this change implemented, so those 12-15 million people may see a slightly increased credit score (likely 20 points or less). Your credit scores are calculated based on information on your credit report that’s reported to credit agencies by various sources such as lenders, creditors, and financial institutions. So negative information on your credit report can impact your credit scores. The impact depends on a lot of factors such as recency and what the item is exactly, so no two credit scores are impacted the same by an item like a tax lien.
Where do you see your public record(s)?
When you check your credit report, public records show in a section that usually appears after your personal information. They are in a separate section from accounts and credit inquiries. Tax liens (either state or federal), civil judgments, and bankruptcies are the public records you could see on your credit report.
Staying informed
As always, it’s a good idea to regularly check your credit report and keep an eye out for anything that may negatively impact your credit score, since any negative items on your credit report can cause your credit scores to drop. You also want to be on the lookout for anything that doesn’t look right as it could be something to look into further—like a potential sign of identity theft or something you need to dispute.
FICO is a registered trademark of the Fair Isaac Corporation.
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Savannah Conference 2017
When we teach a workshop on any topic we like to provide materials to help students implement some of the ideas shared in the class. This page was specially created for the students that attended our Savannah Conference workshop called Things You NEVER Put in Your PMA or Lease. We’ve provided the Owner Disclosure we mentioned in class along with some training videos and material that you and your staff may also wish to consider. At the right is the full video of the workshop, shot in our studio for others in your office to watch. This will provide some great fodder for staff conversations and collaboration within your company.
Fill out the form on the right to get an email with two attachments:
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2) the Class PowerPoint slides.
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Did Savannah Attendees Really Get Hundreds in Store Credit?
Compass Property Management Group $ 200.00 Credit -- AHi Properties $ 400.00 Credit -- Fickling & Company $ 200.00 Credit -- Elite Home Management Services $ 400.00 Credit -- EXIT Team Realty $ 200.00 Credit
Lowcountry Property Management $ 200.00 Credit -- PMI Georgia $ 300.00 Credit -- Turner Properties $ 300.00 Credit -- PMI North Atlanta $ 200.00 -- Skyline Properties Group $ 300.00 Credit
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This is the part of our site where all the products, resources, videos, forms, manuals, handbooks, customized management agreements and leases, money-making ideas, CYA protections, checklists, service animal/comfort pet training and all you’ll ever need to run a safe and profitable management business. This is the “Mother Load”.
It will take us six to twelve months to get it all posted, and we’ll keep posting more as time goes on, but there will be more than you can digest before the end of the year. I’ve been digging through our 35 years of document archives and there’s more than I thought.
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According to Zillow Group, 56% of all rental applications are from people in the Millennial generation, and they use their mobile device 76% of the time. Whoah! Read the report yourself and learn what you need to know for market success.
This complaint was related to familial status - or it was related to a Condo's covenants relative to fair housing law. In short, fair housing law trumps covenants.
The U.S. Department of Housing and Urban Development today announced that it is charging an Atlanta condominium association, a local real estate company, and its agent with housing discrimination for refusing to sell to families with children. HUD's charge of violating the Fair Housing Act is against Georgian Manor Condominium Association, Inc., HN Real Estate Group, Jennifer Sherrouse, and the Estate of Jean Branch.
The Fair Housing Act prohibits a housing provider from discriminating against families with children unless the housing meets certain requirements for housing for older persons.
Metro Fair Housing Services, Inc., a HUD-funded fair housing agency that promotes equal housing opportunities throughout Georgia, received information from HUD that Georgian Manor employed a policy of excluding children. According to the charge, the agent had advertised a Georgian Manor condominium for sale and conditioned the sale to those without children. The agency sent testers to inquire about the condo. When a tester told the real estate agent that she had children, the agent allegedly told her that no children were allowed and refused to show her the unit. During HUD's investigation, the agent admitted that several prospective buyers with children under the age of 14 inquired about the property and she told them about the restriction. The property was eventually sold to a single female without children.
"Systemically denying families the opportunity to buy an affordable home simply because they have children is against the law," said John Trasviña, HUD Assistant Secretary for Fair Housing and Equal Opportunity (FHEO). "Allowing families with children to purchase homes in the neighborhoods of their choice is part of the American dream, and HUD is committed to making sure all real estate professionals follow the Fair Housing Act, and not exclude families with children."
The HUD charges will be heard by a United States Administrative Law Judge unless any party to the charge elects to have the case heard in federal district court. If an administrative law judge finds after a hearing that discrimination has occurred, he or she may award damages to the complainant for its loss as a result of the discrimination. The judge may also order injunctive relief and other equitable relief to deter further discrimination, as well as payment of attorney fees. In addition, the judge may impose civil penalties in order to vindicate the public interest. If the case is heard in federal count, the judge may also award punitive damages to the complainant.
FHEO and its partners in the Fair Housing Assistance Program investigate approximately 10,500 housing discrimination complaints annually. Additional information is available online.
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This is the part of our site where all the products, resources, videos, forms, manuals, handbooks, customized management agreements and leases, money-making ideas, CYA protections, checklists, service animal/comfort pet training and all you’ll ever need to run a safe and profitable management business. This is the “Mother Load”.
It will take us six to twelve months to get it all posted, and we’ll keep posting more as time goes on, but there will be more than you can digest before the end of the year. I’ve been digging through our 35 years of document archives and there’s more than I thought.
If you register we’ll send you notices as we post things so you’ll know what’s there and where to look for it.
Doc Assessment
Lease Agreement
Protect Yourself
Management Agreement
Scope of Service
Qualifying Guidelines
Buy/Sell a PM Co.
Starter Kit
Cashing In On PM
Client Support
Revenue Sharing
Onboarding New Owners
Preventing Litigation
Using Standard Forms?
PM Myths
Monthly Coaching
One on One
Video Training
View Our Expanding Line of Products
This is the part of our site where all the products, resources, videos, forms, manuals, handbooks, customized management agreements and leases, money-making ideas, CYA protections, checklists, service animal/comfort pet training and all you’ll ever need to run a safe and profitable management business. This is the “Mother Load”.
It will take us six to twelve months to get it all posted, and we’ll keep posting more as time goes on, but there will be more than you can digest before the end of the year. I’ve been digging through our 35 years of document archives and there’s more than I thought.
If you register we’ll send you notices as we post things so you’ll know what’s there and where to look for it.
Doc Assessment
Lease Agreement
Protect Yourself
Management Agreement
Scope of Service
Qualifying Guidelines
Buy/Sell a PM Co.
Starter Kit
Cashing In On PM
Client Support
Revenue Sharing
Onboarding New Owners
Preventing Litigation
Using Standard Forms?
PM Myths
Monthly Coaching
One on One
Video Training
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