To adapt to economic changes and projected inflation, we implement a Risk Mitigation Fee instead of requiring a double or one-and-a-half-month security deposit. This fee helps balance the increased risk associated with lower credit scores, similar to how higher interest rates function in auto and home loans.

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What is the credit risk mitigation fee?

 

Applicants with credit scores below 650 are subject to a monthly Credit Risk Mitigation Fee, assessed as follows:

• $20/month for scores 630-650

• $40/month for scores 610-629

• $60/month for scores 600-609

• $80/month for scores 580-599 For multiple applicants, the fee is based on the average credit score of all applicants (excluding co-signers). Applicants without a credit score may be assigned a score of 600 for fee determination purposes.

 

Who is being charged the credit risk mitigation fee?

 

This policy is being implemented for new tenants with a less than 650 credit score and to existing tenants that have had a late payment in the past.

 

If there are multiple people together the risk mitigation fee will be assessed based on the AVERAGE score of all applicants (excluding co-signers). Applicants who do not have a score may be assigned a score of 600 for the purposes of determining the credit contingency fee.

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