1. Who signs
Every property manager signs the service agreement before any of its data goes to Experian. The agreement states the property manager's type of business.
2. What the property manager agrees to
- It is responsible as a furnisher under the Fair Credit Reporting Act, §623: it reports accurately and corrects errors.
- It consents to sending rent data to RateLoft for reporting to Experian.
- It consents to RateLoft handling disputes.
- It sends the ledger, lease and signed consent for a disputed resident within the deadline in the agreement.
- It uses only the RateLoft resident consent in the lease addendum.
- It does not report the same rent through anyone else.
- It lets RateLoft and Experian audit.
- It completes onboarding before any data goes out, and a recheck every year.
3. What RateLoft does
- Builds, checks and sends the monthly file to Experian.
- Handles opt-outs and sends the confirmations.
- Handles every dispute, corrects data at Experian and sends the letters.
- Protects the data. See Data Security.
4. Residents
Residents pay nothing. A resident is reported only after signing consent and can opt out at any time.