Bill to Give Credit Scores to Renters
(WSJ) — In New York City’s hypercompetitive rental market, it’s hard enough to find the perfect apartment. Harder still to put in a lease application, round up documents and ready deposit checks, only to be turned down for vague reasons.
A proposal in the financial overhaul now nearing passage in Congress may offer rejected renters a consolation prize: a free credit score.
A provision in the bill would give prospective renters access to a free copy of the credit score that a landlord or broker used to evaluate their application. Renters’ applications can be rejected based on what a landlord deems as poor or insufficient credit, but they rarely get to find out what that score is.