Getting Consent for Credit Reporting and Authorization: Application and Lease Addendum

Author
Weiting Bollu
| Published at
November 18, 2024
| Updated on
November 18, 2024
Author
Weiting Bollu
Published at
November 18, 2024
Updated on
November 18, 2024
Legal agreements that allow landlords to collect credit information during application and report payment history throughout tenancy.

KEY TAKEAWAYS

The following addendum explain exactly what information can be collected and who it can be shared with. The first applies when you're submitting a rental application, while the second covers the entire period of your tenancy and afterwards.

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APPLICATIONS, applying to the tenancy; works like a promissory note 

Collecting the application information to determine the creditworthiness of the Tenant

The Applicant(s) agrees to allow the Landlord or related entities or its assignment collection agencies or appointees collecting, to use and disclose personal information about the

Applicant including obtaining a consumer and/or credit report, contacting employers, previous landlords, references, persons identified by them as having relevant information and for enforcing the terms of any tenancy agreement and the rules and regulations made under the agreement and any amounts owing under this application and subsequent tenancy agreement. I/We consent to the disclosure of information concerning my/our fulfillment or non‐fulfillment of the obligations created hereunder and under the Tenancy Agreement to any credit reporting agency, collection agency, or to any other person with whom I/We have or propose to have financial relations in connection with this proposed tenancy and/or the tenancy agreement.

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LEASE TERMS, after they are accepted; for enforcement provisions

Consent & Disclosure - Credit Reporting for during and after tenancy ends

The Tenant(s) herein confirm and grant their consent to the Landlord or their Agent(s) to disclose information in the Tenant's Rental Application and any information arising from the tenancy between the Tenant(s) to any third party for the purpose of providing a consumer/credit report or contributing such information to a database of Tenant(s) which is made available to Landlords or their Agents. This may include disclosure to credit reporting agencies or collection agencies for the purpose of enforcing obligations under the terms of this agreement. This may also include information regarding positive credit information including paying rent on time and meeting financial obligations with the Landlord. The Tenant(s) further grants consent for the Landlord or their Agent(s) to disclose the Tenant(s) credit information to third parties such as mortgagees, potential purchasers, utility providers, accountants, government agencies, financial institutions, insurance providers, telecommunications providers, financial institutions, lenders and prospective lenders as needed from time to time at the Landlords sole discretion.

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Weiting Bollu
Mom, Rental Housing Provider, Rental Housing Advocate, Educator, and Openroom Co-Founder & CEO

About the Author

Weiting's entrepreneurial journey began with a costly lesson in rental property management, where she experienced losses exceeding $35,000 due to non-paying tenants. Determined to prevent others from facing similar challenges, she built Openroom to pave a future towards a transparent and connected rental ecosystem.

Drawing from her extensive background in software product management spanning education, telecommunications, insurance, and artificial intelligence, Weiting has become a trusted advisor to founders of venture-backed companies. Beyond the tech sphere, Weiting managed properties for over a decade and made significant contributions to community leadership. She’s served on the Board of Rotary District 7070 and chaired various organizational committees.

Weiting balances her professional endeavours with being a parent of two kids under two. Alongside thousands of other parents, she was awarded participation trophies in innovative improvisation, ever-changing expectations management, daily roadmap planning, and hardcore patience!

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rent-reporting-lease-clauses
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