What to do if your apartment application is rejected
If your rental application was rejected due to a black mark on your credit report, don't just ignore the situation out of embarrassment... get a copy of the report and see what you can do to tackle the problem. You may find your credit report has errors or marks you didn't even know about. Three companies distribute your credit information: Experian: 1-888-397-3742 Equifax: 1-800-685-1111 TransUnion: 1-800-916-8800 You can call any of their toll free numbers to find out how to get a copy of your credit report. If you request a copy within 60 days of the rejected application, you can obtain the report with no charge.
If you wait any longer the charge is usually about eight dollars per report. Don't assume that you know why your application was rejected without examining your report. Recently, my friend Dave Smith Jr.* applied for a loan and was rejected. He knew his records weren't the best in the world but decided to get a copy of the report anyway--just out of curiosity. He was shocked to see several black marks that were put on his report instead of his father's.
The credit bureau had confused his credit history (Dave Smith Jr.) with his father's credit history (Dave Smith Sr.) and noted a bankruptcy on his report! This wasn't all... Apparently, a dispute he thought he'd handled with a car company wasn't reflected on his report and the bad marks were still there. So how do you get errors taken off of your credit report? You'll simply fill out the "dispute form" included with the report or write a letter to the bureau about the problem. Unless the credit bureau dismisses your request as "frivolous", they are required by law to contact the companies in dispute within thirty days. If they find they have made an error, they will remove the bad information.
However, if the company confirms that the information on your report is correct, it will remain there for 7 to 10 years. If you feel the company is incorrect, you are allowed to write a 100 word statement which the bureaus are required by law to distribute along with your credit report to everyone who asks for it in the future. If there are no errors on your report, but your credit isn't too great, you'll need to do what you can to repair the problems. While you might think one of the thousands of "credit doctors" out there can help you... DON'T TRY THEM!!! Watch out for people who claim they can "Erase bad credit...", "Help you start with a clean board..." or who promise "You'll have great credit in no time!" It can't be done.
Some of their tactics are illegal and can even get you thrown in jail. The only solutions for dealing with black marks like late payments and bankruptcy are to: wait it out and/or try to rebuilding your credit by getting your finances organized There are many systems out there to help you get things back in order and many of them are free. For a free guide book for "Knowing and Understanding Your Credit" from Fannie Mae, click here. For an article with links to serveral free credit counseling groups, click here. To find out what possible errors to look for in your report, visit BankRate.com's "Credit How To Guide." For great advice on understanding your credit report, visit BankRate.com.
*names have been changed.
since 1989 dan the roommate man has helped 1000's of people find good roommates.What is on Your Credit Report?
Your credit report is a very important piece of the puzzle in your financial picture. It contains a historical record of your personal and financial information including a listing of your current and past debts and the timeliness of your payments. The information contained on your credit report is looked at by many people including lenders, credit card companies, landlords, telephone and cable companies just to name a few. These companies use your credit report to evaluate your reliability and creditworthiness.With all of these people knowing what is on your credit report - shouldn't you? Knowing what is on your credit report can save you from unexpected surprises the next time you apply for a loan. Insuring the accuracy of your credit report is also very important.
All too often people have found errors on their credit report that were damaging their credit score. Many times people have even been alerted to attempted identity theft by keeping an eye on their credit report. ...
What is on Your Credit Report?
Credit report > What is on Your Credit Report?
You are your Credit Scores Worst Enemy
When applying for loans, credit cards, or even trying to lease a new apartment your credit score is the major determinant of how well you will fair.
Ironically very few people know what their credit score is and are not aware of the fact that they may be doing various things to hurt their credit score.
If a high credit score is important to you, and it should be, beware of the following things to keep your credit score in check.
Have you ever had one of those months where everything seems to pile up and you just can't make ends meet?
You take a look at what you owe, who you owe it to, and finally decide that the credit card payment is going to have to wait until the next check.
Not even that, lets cay you just forget to make your credit card payment on time.
This is the first and most common mistake: missing payments or making late payments.
If you know it or not every time you make a payment to any of your lenders...
Credit report > You are your Credit Scores Worst Enemy
What Makes up my Credit Report?
Many of us may not know our credit score, some may not even be aware of a credit score, that is until they attempt to apply for credit of some sort, be it a credit card, mortgage or apartment rental. To most, they view our credit score as a one dimensional number, nothing more, hence the reason it is so important for us to become more aware of what our credit score is. People see our credit score as an indication of who we are as people. Frankly, I don't feel that I should be judged for not having paid a bi during my college years, but unless we become proactive regarding our credit report, that is how it will be.
Let's consider the elements that make up our credit report and ultimately decided our credit score. The first factor is payment history.
Basically do you pay your bills on time. The second factor they look at is your outstanding debt. How much do you owe and to whom do you owe it?
The third factor is length of credit history. I feel this category is...
Credit report > What Makes up my Credit Report?
Need To Repair Credit Scores? ? Get The Tips Here
You need to repair your credit score, if you have a poor credit rating and a low score on your credit report. Generally, you need to have a high score, somewhere between 575 and 650 for creditors to see you as a good risk for them to loan money to. If your score is in low 500 range or even as low as 400, then you need to start taking steps to repair credit scores.
How can I raise my credit score? The first step to be on the road to repair a credit score is to request a free copy of your credit report. There are many online companies claiming that they will raise your credit rating to a good credit score, but the truth is that no one can do that but you. If you have a lot of bills, getting a consolidation loan to pay off all the outstanding loans is one way you can lower your monthly payments.
However, this alone will not raise your credit score immediately or repair your bad credit right away.
When you decide that a consolidation loan is the answer...
Credit report > Need To Repair Credit Scores? ? Get The Tips Here
Credit report
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