Applicants who are approved and wish to move forward with a lease are subject to paying a Security Deposit (due within 24 hours of lease signing), which may vary depending on the market and applicant’s Consumer Reporting Agency Score. In addition, Security Deposit amounts are based on state security deposit laws.
If an applicant is required to pay a higher Security Deposit amount based on their Consumer Reporting Agency Score, a notice called an “Adverse Action” letter will be sent to all applicants explaining why they must pay a higher Security Deposit amount. This notice will contain the steps the applicant can take to obtain a copy of their Consumer Report and how they can dispute any inaccuracies on their Consumer Report.