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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.
Fix Wrong Information In Your Credit Report — TODAY (Page 1 of 2)
Other than eating, sleeping, and breathing, one of the most important things you should be doing on a regular basis is ensuring that the data in your credit report is accurate. That is such a simple statement, yet it is ignored by the vast majority of consumers, probably due to several factors, such as:
* Consumers seem to accept the fact that errors will self correct in a reasonable period of time, where in reality nothing could be further from the truth.
* Consumers dont know how to find out if there is wrong information on their credit report, which impacts their total credit score negatively.
* Consumers dont realize that having a low credit score (lower than what they deserve, if the information maintained by the credit bureaus was accurate) can impact a huge number of factors in their everyday lives.
* Consumers dont realize that studies have shown that the MAJORITY of credit reports on consumers and businesses have errors and inaccuracies.
Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. You need to find out what your credit score is before you talk to any lender in case there is something on your report that they may question. Your credit score is the actual number ranging from 300 to 850 that lenders use to judge your creditworthiness and the interest rate theyll charge you. Having a credit score lower than what you actually deserve could mean the difference between getting approved for a loan or credit card, or being denied. If you are approved, a lower credit score can mean the difference of the lender assessing a 14% interest rate or a 6% interest rate, which can cost you hundreds and even thousands of dollars more at the end of the loan period.
The big three credit bureaus are required to give you a free copy of your credit report annually, or any time that you have been denied credit based on information that they provided to a potential lender. It may take some time to get through to the credit bureaus to request a copy of your credit report, but this is well worth your time to do so. Be sure to get a copy of it from all three of them, since some lenders only report to one or two of them. This means that the information on your credit report from one credit bureau is almost certainly not going to be identical to the data from another credit bureau.
If you notice any errors on your report, you should complete a dispute form with the credit bureau. When they send you a copy of your credit report, they will usually include instructions on how to file a dispute for erroneous or inaccurate information. Some experts say that if you are disputing say 5 different items, you should file 5 separate dispute forms so each one can be addressed specifically. There is some merit to that discussion, since the credit bureaus may view a dispute consisting of many items as frivolous and not take appropriate action to correct the information.