If so, pulling a potential applicants credit history numerous times negatively affects their credit rating, as the "beacon score" goes-down everytime the credit report is requested. In the "car business" one of the leading indicators sales managers look-at when transacting a "deal" is whether or not the "customer" has been "shopping around". It shows-up in the form of an inquiry, along with the date and the dealership that inquired. Many of the larger financial institutions in the car business have "standardized" their requirements for underwriting a loan. All of them have included the use of Beacon Scores, in this quantifying process.
Schiff's proposed ordinance COULD work. Only if the time between when the application was accpeted and the time a decision was made, is quantified. I strongly susp[ect that the young single mother in the Strb article submitted all 4 of her applications within a very short timeframe. I would also suspect that potential renters on very tight financial budgets typically cut their "move-out/move-in" time significantly over what most middle/upper income renters afford themselves.
Consequently, either the landlord or the tennant will end-up bearing an unreasonable burden if this ordinance is passed without the "teeth" necessary to quantify the amount of time allowed for processing an application. And if such amount of time is signifcantly less than the amount of time currently afforded landlords, the $25 application fee IS not a reasonable cost. If the time is significantly greater than what is now the norm, then them lower-income tennants seeking apartments will be penalized, as they're going to be "in limbo", until their last application is processed, unable to submit another application.
Dennis Plante Jordan
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