Tennant screening and saying No

[Anthony Bailey]

Hello, we just purchased our first rental and have a couple that is very interested.  Would like to know your thoughts.  (B area).  We have only had them complete the screening questionnaire.  Would you proceed to application or just day no.  What do you tell them when saying no.  Are we allowed to say "you do not meet our credit score requirement"

Rent $1725

1st applicant:   Credit score 550, income $3400

2nd applicant : 600,  $3040

Neither one of them could afford on their own.  They are currently not living together but older and have teenage kids. 

What would you do/say?

[Richard F.]

Per the Fair Credit Reporting Act, any denial based on a report, such as credit report, from a third party must include a written "Adverse Action Letter", informing of the reasons for denial and source of the information (credit report) used. Here is a link to the Act, and here is a link to a sample AA Letter. The form C-1, Parts 1 and 2 is is ideal.