Your credit score and housing

Planning to Rent a House or Apartment? Check Your Credit Report First

Your credit score can affect your life in ways you may not have considered. Beyond its impact on your ability to get a loan or a mortgage, your credit score can be a determining factor in renting a house or apartment. Whereas landlords used to rely on their instincts when deciding whether or not to rent to you, online tenant screening programs have now made it easy and affordable to conduct tenant background checks that generally include a credit report. Primarily they are looking for negative entries that show you may not be a responsible tenant in terms of keeping up with monthly payments, such as rent. They will also check to ensure that the name, current address and employer listed on your rental application match what is on your credit report.

If you want to make a good impression on a potential landlord, you should start by getting your credit report in order.

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Today’s credit – a whole new ball game

The CARD Act signed by President Obama in 2009, was designed to protect consumers from unexpected increases in interest rates, decreases in credit lines, and other changes in the services offered by credit card issuers.

Though our economy continues to show signs of improvement, the bottom line is that, because of the recent recession, slower than expected recovery and the resulting changes in bank policies and government legislation, the credit landscape has changed forever. Gone are the days of “easy credit” where almost anyone could qualify for a credit line for almost anything. Credit issuers now operate by an entirely new set of rules.

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