PropertyManagementMaven: April 2008

CONFIDENTIALITY! How do you protect your tenants' financial information?

When I purchased my first Lexus several years ago, Lexus Financial gave me a one-page confidentiality statement regarding our relationship since I was financing the car through them.  I kept the statement and I started thinking about it...I have now incorporated it into my Resident Handbook so that residents KNOW how I handle their financial information:

CONFIDENTIALITY: There are limited instances whereby we can disclose or discuss the terms of our relationship and the status of your lease agreement without your written consent. Any request for information on your lease status should be requested in writing by all parties who signed the original lease agreement.

I only accept requests for landlord verifications in writing (with appropriate $25 fee); and I do not provide copies of tenants' lease agreement to the property owner EXCEPT in the instance of refinancing and then I scan and e-mail it to a specific person at the mortgage co.  If a property is closed with a tenant in place, I will copy the lease and send a COPY and retain the original with original signatures and I will advise the tenant IN WRITING that the property owner has been provided with a copy of their lease.   

I do not download/print applicant credit reports (they remain available online as I use Clear Screening) so that information is not in my file and is never provided to property owners.

As property managers we need to be considerate of our owner/client financial information AND the information on prospective residents AND tenants.

How do you safeguard this sensitive financial information???



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Comment balloon 3 commentsWallace S. Gibson, CPM • April 29 2008 02:52PM
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