CREDIT SCORE BASED Sample Clauses

CREDIT SCORE BASED. All lease transactions involve risk. To mitigate this risk for both Landlord and tenant, Service Star Realty routinely videotapes the condition of properties before and after each tenancy, ending most security deposit claim disputes before they begin. Credit history should show that the Applicant has paid bills on time and does not account for write- offs or collections. Offering approval to a prospective tenant based upon a total credit score below 650 involves a higher inherent risk to the Landlord and the property manager. Service Star Realty can offer applicants with a lower than 650 credit score an opportunity to rent by offsetting the monetary risk for the owner and management company. Average Credit Score (all Adults) Risk Mitigation Admin Fee Security Deposit 650-850 None 1 time the monthly rent 550-649 $400 1.5 times the monthly rent 300-549 Will be declined Dealing with Multiple Applicants: A risk mitigation fee will be assessed based on the AVERAGE FICO score of all adults. Applicants who do not have a FICO score may be assigned a score of 500. We cannot provide you with the credit report or tell you of its contents; however, we will provide you with the name of the credit reporting agency so you may receive a copy of it from the credit bureau. All information collected for the approval or denial of this application is considered confidential for company use only.