Document retention for credit check app & leases?

Question

Do you keep paper copies of credit check applications? I used to digitize it and throw away the paperwork, but have started storing the actual papers. Is it really necessary to keep the paper originals? For how long? My digital copies have bulletproof backups.

How about leases? Scan it and throw it away? Not sure if the printed copy would hold up in court in case of disputes. Opinions?

Abhijit Dey · Answer

Since most everything we create or receive via email, there is always that in email. Then, I have a folder hierarchy for ease of finding stuff, in a file server. It backs itself up in a separate HDD every 24 hours. Plus, a separate process backs up the file to a online cloud provider. I am covered even if the office burns down.

We do keep papers. We have a stack of papers on a rack. When the stack is high enough that it is touching the top of the rack, we throw away the bottom half 8D

We keep only leases & HUDs in that stack. We call the stack graveyard

William Osborne · Answer

We keep everything digital on our Google Drive account and inherently have a backup on file within our Gmail as well. We pretty much receive all our paperwork digitally so it makes it easy, What you could do is create an organized digital filing system for all your documents. Then just throw all your paperwork for the year in a filing box in storage, no organization. If you really need an original for something then digging through one year's material for it wouldn't be so bad. I think it would be rare where a digital copy wouldn't be found acceptable in court, especially if you have email correspondence with the file attached.

Thomas S. · Answer

You need to contact the court system in the particular jurisdiction that deals with landlord tenant issues and ask what they require. To assume one thing or another is a mistake. Ask those that make the decisions what they will require. Don't guess.

Abhijit Dey · Answer

But is it so (in court)? We are a brokerage firm as well in Illinois in addition to Property Management. From the negotiation stage to final contract, we are all either eSigning or just scanning signed paperwork and mailing them between the parties. In the end, everyone ends up with a bunch of pdf documents, with a random mix of some signatures digitally pressed in the pdfs, some signed & scanned, some signed & faxed. If those are good enough, why are scanned leases not good enough?

For credit check applications, I just don't see how an applicant can dispute they submitted an application for credit check when we have dozens of email communications with them concerning their applications. We keep emails forever.

Kathy Johnson · Answer

If you ever wind up in court, the court prefers you present originals.