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Credit Reports for Leasing an Apartment
Many responsible landlords are analyzing the credit reports of the people they rent. They are ensuring their potential tenants are having clean credit history. All the aspects in your credit report will be affecting your credit score. Different weights are applied to different portions of your information such as, Bill Payments, length of credit history, outstanding debts, new credit applications and your credit mix.
All the information available in your credit reports has an implication for your apartment leasing process. When you approach to your landlord, they will be asking your credit report to analyze your financial ability for paying rent appropriately. Some apartments doesnt lease if you have a bad credit history. They often emphasis you on the following elements of your credit report.
Payment history
Amount owed
Length of credit history
Types of credit
Effective credit score helps you in acquiring the right Apartment
In the present real estate market, you should be well prepared and organized, to lease the right apartment of your choice. This could be possible when your credit reports are clear and when your credit score is quite higher. Therefore, when you plan to lease an apartment, get a copy of your credit report. You should analyze your credit report as early as possible, so that you have enough time to rectify your errors, before your landlord evaluate your credit.
How to get a free Copy of your Credit Report
To get a free copy of your credit report, you should approach any of the credit bureau that provides the credit reports and obtain a copy of it. They are available at a free of cost. You have to check whether all the information mentioned in the report is correct or not. It would be better to obtain the information on the regular basis, to get an efficient plan for evaluating your credit score and all can you do for improving your credit score. You have to make sure that the information provided to the credit bureau is accurate, as the credit score influences on several things like, mortgage loans and apartment rentals.
Identifying Fraud in Credit Report
You can identify the occurrence of fraud in your credit report by looking and identifying on the top of your report information. Especially the following errors, which indicate false details in your file:
Name on the report which is not yours
Addresses where you have never lived
Incorrect date of birth
Social Security numbers that don’t belong to you
This information helps you to understand the importance of credit report while leasing an apartment that fulfills all your requirements. Besides, it also helps you in analyzing your credit score regularly.
What is a bad credit loan? (Page 1 of 2)
Bad Credit Loans
A bad credit loan is a type of loan that is offered to individuals that have poor credit.
How do you know if you have bad credit?
First, before you apply for a loan, you should write the credit bureau to get a copy of your credit report.
How can you tell if you have bad credit?
If you are receiving calls from a collection agency, you have bad credit.
You have bad credit if you have three or more late payments on your credit report.
But there is more!
You also have bad credit if you have any of the following on your credit report:
Unpaid closed accounts. This could be credit cards, auto loans, home loans, apartment lease, cellular phone, cable bills and much more.
Any account that is closed and was not paid off will show a charge off on your credit report.
This is one of the worst items that you can have on your credit report. It tells the person that checks your credit that you will never pay off the bill.
You can also get bad credit by co-signing for another person.
For example, you could co-sign for a person to get a new car, loan or apartment. If the person you co-signed with is ever late of a payment, that would cause you to have bad credit.
How To Clean Up A Bad Credit Report
If you would like to clean up or repair your credit, your first step is to order your credit report.
Once you have received your report, you should either pay off any unpaid bills on your report or contact the account holders to make some type of payment arrangement.
It is always better to pay the bill off if possible. If you owe a large amount of money, you may want to contact a debt consolidation service.
For a small fee, they would contact each account holder to work out a payment plan that you could afford.
They would combine all of your bills into one monthly payment. This service would improve your credit history over time.
If all of your accounts are paid off and still show a history of late payments, you could hire a credit restoration service. Credit restoration or credit repair companies can contact the credit bureau to try to get them to remove the late payments from your credit report.
These types of services can only help you to clean up your credit history if you have already paid off your accounts. The reason why your account must be paid off for a credit repair company can be able to help you, is because the credit repair service will send a letter to the credit bureau requesting to have all the negative items removed from your credit report.
The credit bureau will send all your account holders a letter stating that you would like to remove the negative information that they sent to the credit bureau about your account. If your account holder does not respond to the credit bureau’s letter, the credit bureau would have to remove the information from your credit report. There is a much better chance that the account holder will not respond to the credit bureau if your accounts are closed and paid off. If your accounts are not paid off, the account holder knows if they respond to the credit bureau, the negative items will stay on your credit report.