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Expanded Renter Protections Needed in Wake of Troubling Federal Report, says NJ Housing Advocates
CFPB reveals problems with tenant background checks
11/15/2022
The Consumer Financial Protection Bureau (CFPB) today issued two reports which found that errors in tenant background checks are contributing to higher costs and barriers to quality rental homes. The CFPB found that background checks often contain errors and unsubstantiated information, shutting the door for tenants seeking a home. On the reports, Housing and Community. On the reports, Housing and Community Development Network of NJ (The Network) President and Chief Executive Officer Staci Berger issued the following statement:
“It is extremely challenging for families to find a home they can afford in today’s housing market. Tenant background checks riddled with errors make finding a quality, affordable home even harder. Countless families are struggling with housing insecurity due to the use of credit and background checks.”
As part of its HouseNJ campaign, the Network is urging the NJ State Legislature to pass legislation that would eliminate the credit score standard for recipients of state and federal housing subsidies. Sponsored by Senators Shirley Turner (D-Hunterdon/Mercer) and Nia Gill (Essex/Passiac) as well as Assemblymembers Verlina Reynolds-Jackson (D-Hunterdon/Mercer) and Anthony Verilli, (D-Hunterdon/Mercer) the bill prohibits landlords from considering credit scores when evaluating some prospective tenants.
To learn more about both reports from the Consumer Financial Protection Bureau, visit www.consumerfinance.gov.
About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 250 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.
For more information: Nina Rainiero
(609) 393-3752 x1200
Website: hcdnnj.org
Twitter site: twitter.com/hcdnnj
Facebook site: facebook.com/hcdnnj
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