# Credit Requirements Photo ID Required What it controls: Whether applicants must provide government-issued photo identification. Default Setting: Yes Recommendation: Keep this set to "Yes." While Fair Credit Reporting Act (FCRA) requires some form of identification verification, photo ID is the industry standard. Note: You can set this to "No," but you'll still need to verify identity through other means. *** #### One Adult Must Have Credit What it controls: Whether at least one adult applicant must have an established credit history. Default Setting: Yes The "No Credit = Good Credit" Debate: Some believe no credit history equals good credit. Our position: ❌ No credit ≠ Good credit\ ✅ No credit = Unknown risk Analogy: Would you rather ride with a driver who's had their license for a year, or someone who doesn't have a license? With one, you know their track record. With the other, you don't. Your choice: You can set this to "No" if you prefer to accept applicants with no credit history. *** #### Average Credit Score What it controls: Minimum acceptable credit score for approval. Default Setting: 600 Range: 350-850 (full Vantage Score range) Common Range: 550-650 for most property managers #### Bankruptcies **Chapter 7 Bankruptcy** What it is: Complete discharge of debts (liquidation) What it controls: How long after discharge before you'll consider applicants. Default Setting: 90 days Range: 1 day to any number of years Reasoning: Debts are eliminated, giving the applicant a "fresh start." The 90-day buffer ensures the discharge is complete and financial recovery has begun. **Chapter 13 Bankruptcy** What it is: Debt restructuring with a repayment plan (typically 3-5 years) What it controls: How long after filing before you'll consider applicants. Default Setting: 1 year Range: 1 day to any number of years Reasoning: The applicant is actively repaying debts. One year demonstrates they can maintain the payment plan while also affording rent. **Adjusting Timeframes** More strict (longer timeframes): * Higher risk tolerance needed * May reduce your applicant pool * Consider fair housing implications of strict policies Less strict (shorter timeframes): * Useful for affordable housing or second-chance rental programs * Some clients set to "1 day" to effectively ignore bankruptcy status * Example use case: Properties working with transitional housing programs Legal Note: These defaults are based on HUD guidance. Consult your attorney for your specific market and risk tolerance. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://help.rentzap.com/help-docs/guides/criteria-building-guide/credit-requirements.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.