An individual’s identity and credit history are incredibly valuable assets, and data breaches and identity theft threaten those assets on a daily basis. As new graduates enter the world of new employment and credit card spending, they become primarily vulnerable to these threats.
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According to housing advocates and city officials, one out of every two people in Madison, Wisconsin are renters. That’s higher than Milwaukee, where less than 40% of residents are unit owners, according to 2011 Census data.
With this large population of renters, Madison County has, over the past couple of decades put in place laws that protected and favored the tenants. This past November, Governor Scott Walker, signed Senate Bill 179, which intends to balance the legal relationship between landlords and tenants in the County. Amongst other things, the Bill contains Act 108, which allows landlords to discriminate against a prospective tenant based on information obtained from a credit report or criminal history check. With these impacting changes in legislation, landlords need now more than ever, a tenant screening company they can trust. One which can provide them with reliable, easy to access credit and background checks. Click here to Read the Senate Bill As the great recession of the past few years comes to an end, Americans across the U.S are beginning to see their finances improve and with it, their hard-hit credit scores.
Using data from the credit reporting agency Experian, Bankrate lists the top 10 cities in the U.S. where residents increased their credit scores the most from 2011 to 2012. - Phoenix - Greenville, N.C - Las Vegas - Dallas - Reno, NV - Ft. Myers, FL - Wichita Falls, TX - Tyler, TX - Sioux Falls, S.D - Bakersfield, CA For more detailed data, read the full story here 2012 was certainly a good year for landlords. The availability of low cost properties for purchase generated by foreclosures and short sales, the increased demand from potential tenants who were kicked out of the buyer’s market due to more stringent loan approval requirements, the low inventory of rental properties, and the rise of rental rates created a prime scenario for landlords. 2012 ended with a nationwide average vacancy rate of 4.5%, compared to 8% in 2009 (REIS, Inc). "The last time vacancy plunged to this low of a level was during the late 1990s when real GDP was growing substantially faster than the 2% growth rate that the economy is currently struggling to maintain," said Victor Calanog, vice president of research and economics for Reis, in a statement. 2013 has shown signs of being just as good a year, or even better, so if you are looking to acquire new properties, check out the cities expected to have the highest rise in rental rates: San Jose, CA
photo credit: © SuperStock RF/SuperStock Data: http://realestate.msn.com/the-10-cities-where-rents-will-rise-most-in-2013#5 A big shift in the way Americans live is taking place across our nation. During the last real estate boom, thousands of rental units were lost to condo conversions. Add this to the millions of Americans who lost their homes to foreclosures and short sales during the past few years and can no longer qualify for a mortgage, and the stringent loan requirements set by lenders today and you get a whole lot of demand for rental units and not enough inventory to meet it. After a long hiatus on rental construction, developers are again coming out of the woodwork to meet this supply and they are making a big comeback. Big names like Jorge Perez from the Related Group are jumping into the action developing rental communities that are far from standard, including high-end finishes like granite cabinets and stainless steel appliances and amenities such as fitness centers, steam rooms, business centers and fancy social rooms. Read the full article from the Miami Herald by clicking here If you own a rental unit or a rental building, always screen your tenants. Visit www.verifytenant.com to see how we can help Verify Tenant is extremely excited to be able to deliver to you a new platform which will tremendously enhance the screening services we provide to you. Tenant credit checks, background checks, eviction reports, prior employment verification and other services can all be accessed through our fast and easy to use online ordering system. Our new interface will allow you the freedom to run your own reports by simply logging into the system, entering the applicant’s information and being able to get an instant* report. Some of the benefits of the new platform are: · User Friendly Interface · Faster, more reliable and more secure. · Allows you to have complete control over your reports by directly entering the information into the system · Reports are generated instantly · Screening data is accessible 24/7 · Reports are generated in an easy-to-understand format · Access to order and billing information · QuickApp™ online application option ** Call us today to set up your account. No membership fees or minimums. Only pay for the tenant screening services you need. Our services are offered at the most competitive rates on the market. * International reports, Reference Verifications and Employee packages and other customized packages may not have instant results. * * QuickApp allows you to have the applicant complete an online application and electronic release which populate a background check order ready for processing. Once the QuickApp is generated, the applicant will receive notification including legal disclosures, authorization, digital signature, and instruct the applicant to enter the identifying information. As many as 9 million Americans have their identity stolen each
year, according to the FTC. Identy theft occurs when someone uses your personal information, such as your name, social security number, or credit card number, without your permission, to commit fraud or other crimes. Identity theft can damage your credit status and cost you time, money, and aggravation restoring your good name. An identity thief may use your information to commit various types of fraud: - Credit Card Fraud: Thieves open a credit account in your name, use it and don't pay the bill. - Utilities Fraud: Thieves may open new services such as a new wireless phone line on your existing account or open a new electric account using your name. - Bank Fraud: Thieves may create counterfeit checks using your name and account number, open a new bank account in your name and write bad checks, clone your ATM card, or take out a loan in your name. - Government Documents Fraud: Thieves use your name and SS number to get government benefits, get driver's license with your name but their picture or file fraudulent tax returns. - Other Fraud: Thieves may rent a house or get a mortgage using your name, or give out your personal information to the police in an arrest. Identity thieves may use different methods to get hold of your information: - Dumpster Diving: They rummage through trash looking for bills or other papers with your personal information on it. - Skimming: They steal credit/debit card numbers by using a special storage device when processing your card. - Phishing: They pretend to be financial insitutions or companies and send out spam or pop-up messages to get you to reveal your personal information. - Changing your Address: They divert your billing statements to another location by completing a change of address form. - Old Fashioned Stealing: They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit offers; and new checks or tax information. They steal personnel records or bribe employees who have access. - Pretexting: They use false pretenses to obtain your personal information from financial institutions, telephone companies and other sources. If you get your identity stolen, file a police report, check your credit and notify creditors and dispute any unauthorized transaction. Some tips to safeguard your identity are: - Don't carry your SS card in your wallet - Never write down your PIN number on your card or a paper kept in your wallet -Watch out for "rubbernecks". Block the key pad when entering the PIN to avoid someone looking over your shoulder - Collect your mail promplty. Place it on hold if you are going away - Keep an eye on billing cycles. If you don't get a bill on time, contact the sender - Keep receipts and compare them to your bank statements - Tear up or shred receipts, credit offers, account statements, expired cards, etc. - Store personal information in a safe place - Don't respond to unsolicited requests - Install firewalls, passwords and virus protection software - Check your credit report yearly As of January 1, 2012, California will join six other states in limiting the use of a consumer credit report for employment purposes. Washington, Oregon, Hawaii, Illinois, Maryland, and Connecticut have all enacted legislation restricting employers’ use of credit reports. Similar legislation is pending in several other states. Employers in California may only use a consumer credit report for emploment pruposes if the report is sought for one of the following: 1. A managerial position 2. A position in the state Department of Justice 3. A sworn peace officer or other law enforcement 4. A position for which the information contained in the report is required by law to be disclosed or obtained 5. A position that involves regular access to confidential information such as credit card account information, Social Security number, or date of birth 6.A position which the perosn can enter into financial transactions on behalf of the company 7. A position that involves access to confidential or proprietary information; or 8. A position that involves regular access to cash totaling ten thousand dollars ($10,000) or more of the employer, a customer, or client, during workday If an employer procures a consumer report for one of the limited exceptions outlined in the statute, it must provide the person for whom the credit report is sought with written notice informing him or her that a report will be requested, the specific reasons for obtaining the report as provided in the statute, and a check box allowing the applicant to request a copy of the credit report at no charge. Accordingly, employers who use credit information as part of employment screening or other hiring purposes should evaluate their policies in light of the recent momentum against using such information in employment decisions. FICO scores have been around since the 1950's and became a major
factor in determining a mortgage borrower's creditworthiness around 1995, when Freddie Mac and Fannie Mae began recommending their use in the lending process. The score, which ranges from 300 to 850, factors in how long borrowers have had credit, how they are using it and repaying it, and if they have any judgements or delinquencies logged against them. However, consumers are soon going to start sharing more personal information when applying for a mortgage. In an attempt to develop a more well-rounded picture of a person's finances beyond credit, tools are being developed to help lenders dig a little dipper. Fair Isaac Corp, the company behind the widely used scoring formula, and data provider CoreLogic announced last year a collaboration that will result in a separate score that will become available to mortgage lenders and that will incorporate information about payday loans, evictions and child support payments. In the future, information on the status of utility, rent, and cellphone payments may also be included. Since last year, the credit reporting agencies have began to provide information about consumer's income and rental payment history as an option in their reports. While this new information may open the door to homeownership for many "thin-file" consumers, it may also make a borderline borrower look worse on paper. It is hard enough to find a job in today's economy, but the use of background and credit checks by employers to make hiring decisions, can make it even tougher. With more than four unemployed workers per job opening, employers are relying on credit and criminal reports to help thin the applicant pool and avoid liability due to negligent hiring. Ninety percent of employers admit to running background checks on job applicants (60% run credit checks). But at a time when jobs are scarce and 5.4 million people have been unemployed for more than six months, a discussion has been generated amongst lawmakers, employers and regulators about the way in which negative information is being used. Millions people who lost their jobs during the recession at no fault of their own, may have been left unable to pay their bills on time, which damaged their credit and has now left them with an even more diminished probabilty of finding a job. Applicants who may have had a minor criminal offense 20 years ago can still find it hard to find employment, even if their records have been clean since. A recent study has found no connection between an individual's credit rating and their likelihood to perform at a job. This belief has prompted several states to limit credit and background checks only to positions for which the information is pertinent and others to provide guidance to employers on how to properly evaluate criminal records in pre-employment screening. This path, may very well lead to employers having to remove the "box" on employment applications that ask about a candidate's criminal past and evaluate the candidate's skills and experience first. |
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