Credit Bureaus & Reports
Rental History Reports: What You Need to Know
A rental history report is generally considered when looking to rent a property.
A rental history report is an important part of the rental process when you're looking for a home, condominium, townhouse or apartment to rent. Not only can it determine whether you'll be accepted or denied on your next rental home, but it may also have an impact on your credit score and rating.
When you apply for a new rental home, landlords and management companies may pull your credit reports. This gives landlords a way to determine if your history includes any bankruptcies, collections, evictions or lawsuits. However, several companies also offer rental history reports, which will allow your potential landlord to see where you've lived and if you've paid your rent on time in the past.
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A negative rental history report could prevent you from renting your next home. However, there are certain steps to take to remove the negative marks. For example, you may have been a good tenant in the past that just happened to make a few late payments. Consider contacting your previous landlord beforehand and asking if you can make an additional payment to rectify the situation. Many times, rental history report companies will call previous landlords to get a recommendation and, in turn, forward the information to the new potential landlord. Be proactive beforehand to ensure that your previous landlords have no reason to give you a negative review.
If any of your past rentals resulted in an eviction, not only will you likely have a negative report from your previous landlord, but the eviction will show up on your credit report, bringing your credit score down and making it difficult for you to secure a rental. The best course of action in these instances is make to arrangements to pay off your eviction debts as soon as possible. Some landlords are willing to work with those with late rental payment history, but most are unwilling to take a chance on a tenant who has been evicted and hasn't made any effort to pay off their debt.
Keep in mind that your rental history is just important as any other type of credit history and can affect you, either positively or negatively, depending upon your past payments. Treat your rental payments just as you would a mortgage payment, and remember that each payment counts.
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