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Credit Reports are now a fact of life. What was earlier only required by lenders, Credit Report are nowadays sought by employers and landlords as well. Only after looking at Credit Reports are decisions on renting a house, employing a worker, etc are made. Thus ensuring a Credit Report that is good is vital.
Whether it’s an apartment, condo or home you want to rent, a Credit Report has to be given to a landlord. Credit Reporting agencies like Equifax Credit Bureau, Experian Credit Bureau and Trans Union Credit Bureau deal in landlord Credit Reports. A Landlord Credit Report is an assurance to a landlord of a novel tenant who makes timely payments. Of late Landlords take great care and precautions to avoid letting out their premises to just anybody. They now consider the credit worthiness of a potential tenant before making a decision on letting out their premises to him.
The role of the credit score on your report is of great importance when looking to rent a home. Especially in posh neighborhoods landlords have a preference for tenants with a high credit score. Those in localities of lesser value would be more willing to accept tenants with lower scores.
Negative credits on landlord Credit Reports can create great difficulties in renting a home. One solution is to get friends and acquaintances with good credit scores as roommates. Unfortunately sometimes landlords may specify that all roommates require good credit which could create a no-win situation for somebody with bad credit.
Landlords are not merely concerned with timely rent payments to your previous landlord. They also want to confirm that you pay your credit card bills regularly, as well as loan bills, home mortgages if any, latest credit enquiries, etc. Only if the complete Credit Report suggests a good management of finances are landlords ready to rent out their premises. Therefore for people wishing to rent homes and apartments should first be thorough with their Credit Reports and only then apply for rent.
The purpose of landlords in confirming a good history of prospective tenants is to minimize risks. They can pay a minimal fee in order to confirm this information.
In case of rejection of a prospective tenant’s application by a landlord, records have to be kept and the rejected tenant informed in writing. This is of crucial importance and needs to be done immediately as per the fair housing laws.
If an application is rejected by a landlord, a notice should reach the prospective client with the details of the name and address of the Credit Reporting agency that has provided the information. The landlord must also mention a toll-free number of the Credit Reporting agency. It is necessary for the landlord to clarify that the Credit Reporting agency did not put forth any views on the matter as well. Apart from these, certain other details are required from the landlord under the Fair Credit Reporting Act.
In case of a fraud being committed on you, in addition to ruining your Credit Report, it makes it extremely difficult for your Credit Report to reflect a good credit history. Identity thieves are responsible for damaging many good reputations that may have been created with great care and effort over the years in just a few months. Identity theft needs to be immediately reported to the authorities. On reporting fraud, you are entitled to a free copy of your Credit Report from the Credit Reporting agency. Then with the help of the Credit Reporting agencies, you can examine your Credit Report to try and nail the identity thieves.
Credit score matters a great deal for getting loans sanctioned, renting homes etc. A high credit score makes you a worthy credit risk for the lenders, landlords, etc. Maintaining a good credit score can ensure that you get the loan or the home you want. Maintaining a good credit score requires making timely payments on all your dues. Credit accounts must always be kept minimal. The more credit accounts you have, the lower your credit score will be.
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