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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.
Boost Your Credit Score
Boost your credit score by collecting all your bills and financial papers and giving them a spring cleaning, regardless of the time of year. Everyone wants a perfect credit score of 850 or to increase their credit rating to the best possible credit score. This is the main factor lending agencies consider when extending a loan or approving credit cards. Lenders want to know your payment history and credit scores are the way they get this information quickly and easily.
What makes up a person’s credit score? How it becomes part of their credit history? A credit score is based on information gathered by the three U.S. credit bureaus: Equifax, Experion and Trans Union. Your credit score history began with the first purchase you ever made using credit. You didn’t do anything for the credit information to get into your credit history. You simply signed a credit note or credit agreement promising to repay the credit lender the funds of the loan or credit card through payments of a specific minimum amount over a specific period of time. The credit lender extending the credit, whether is was for an automobile, furniture or something else, automatically entered your credit information into the credit bureau systems and your credit payments were recorded and monitored until you paid in full. When you paid a loan in full, that account was marked “closed”. In the case of a credit card, the account would remain open as long as you are authorized to use that credit card account.
If you made no late credit payments, the credit entry became a good reference for your next purchase. All late or insufficient payments were noted and if there were many, a bad mark was placed on your credit history. As you began to use more credit, your credit history grew. The credit bureaus generated a credit score based on your credit repayments. Today, a credit score of 750 is considered a very good credit rating; a credit score over 750 is excellent while a credit scores below 600 is poor.
Boost your credit score by keeping your credit history up-to-date and making every credit card or other credit payment on time. Commit to avoid making any late credit payments. Pay off some of your credit debit completely. Reduce your overall credit debt to income ratio.
You should obtain a copy of your credit score report. Credit reports are now available, at no cost to you except postage and handling, once per year by requesting them from the credit bureaus. Check each credit entry, making certain that all credit entries actually belong on your credit record, that credit accounts you have paid off are marked ‘closed’ and clear up any errors or credit entries that haven’t been recorded properly. You might even find credit history that has not been recorded at all. The credit bureaus will send a form to request any corrections; simply fill out this form and return it by mail. After a few months, obtain another credit report and verify correction to your credit records. Check to see if you have successfully increased your credit score. By increasing your credit score even a few points at a time, you will be able to gain more buying power through prudent use of credit.