Credit Risk Mitigation Fee Program
Delinquent accounts on credit may still result in denial of the application
- FICO scores at or above 700 no credit risk mitigation necessary
- FICO scores between 699-680 = $10 per month
- FICO scores between 679-660 = $20 per month
- Clean out the fireplace if applicable.
- FICO scores between 659-650 = $50 per month
- FICO scores between 649-600 = $70 per month
- FICO scores between 559-500 = $90 per month
- FICO scores at or below 499 = $150 per month
If tenant makes all rental payments on time for entire length of lease, upon lease renewal mitigation fee will be removed from account. If tenant does not make all rent payments on time according to the terms of the lease, then mitigation fee would remain as a condition of renewal of lease.
If there are multiple people together the risk mitigation fee will be assessed based on the AVERAGE FICO score of all applicants (excluding co-signers). Applicants who do not have a FICO score may be assigned a score of 600 for the purposes of determining the credit contingency fee.