What Does a Credit Report Say About Renters?
Do Landlords Check Your Credit?
Why Should Renters Check Their Credit Report?
Prepare Your Credit for Your Moving Process!

What Does A Credit Report Say About Renters?

A consumer credit report is a document that outlines your existing debts and contains a factual record of an individual’s credit payment history. It includes data such as how much is outstanding on an account, what your credit limits are, and your repayment history. It also includes the names of companies that have recently inquired about your credit, public records including bankruptcies, judgments, and foreclosures. Depending on what your creditors and other sources have provided, your credit report also includes current and prior addresses, current and prior employment, and identification information such as date of birth, driver’s license number, and social security number.

Landlords are permitted by law to review your credit report to objectively determine whether they are willing to rent their property to you. There are approximately 205 million credit-active people in the United States who have a charge account, car loan, student loan, or monthly rent payments. As those people pay their bills, most lenders report credit payment information to credit bureaus. So most of the information in your consumer credit report comes directly from the companies you do business with.

Inquiries indicate to other Landlords that you have applied for new credit that could result in additional debt. Potential lenders view multiple recent inquiries on your credit report as a sign that you are overextending yourself. For more information on obtaining a free credit report and credit score go to www.FreeCreditReport.com. As part of Experian®, one of the nation’s three major credit reporting companies, this site is a link to a variety of credit monitoring products. When you order your free report at www.FreeCreditReport.com, you will begin your free trial membership in Triple AdvantageSM . If you don’t cancel your membership within the 7-day trial period, you will be billed $12.00 for each month that you continue your membership. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide credit reporting companies. To request your free annual report under that law, you must go to www.annualcreditreport.com. Experian® is not affiliated with the annual free credit report program.

So what is credit scoring?

Credit scoring was first developed in the 1950s as a method of assessing the credit risk of a loan applicant using mathematical models to evaluate a person's credit worthiness based on their credit history and current credit accounts. The system has come into widespread use in just the last couple of decades.

In the early 1980s, the three major credit bureaus (Experian®, Equifax® and TransUnion®) each developed scoring models that allowed them to offer a score based solely on the data of one individual. Creditors, especially those in the home mortgage industry, frequently use these scores when deciding who gets a loan and at what rate. However, it's worth remembering that creditors also consider other information, such as your salary or employment history, when making loan decisions.

What's in a score?

Credit scores are reported as a number, usually in the 330 to 830 range. The higher the number, the better the score. Creditors see the number as an indicator that an individual will repay a loan. Typically, scores are determined by reviewing the following data:

• Your history of late payments
• Non-payments
• Current level of debt
• Types of credit accounts
• Length of credit history
• Number of credit inquiries
• History of applying for credit

Personal details such as race, gender and religion are definitely not considered when determining your score. It's also worth noting that each major credit bureau has its own method for calculating credit scores. However, the scoring models have been fairly well standardized so that a "600" score at one bureau is roughly the equivalent to the same score at another.

Getting a free copy of your credit score is easy. With enrollment in Triple AdvantageSM 3-Bureau Credit Monitoring, you get a free Experian® Credit Report and Credit Score. The report includes a score explanation to help you better understand your score and what it means. Just go to www.FreeCreditReport.com to get started.

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Do Landlords Check Your Credit?

Yes they do. Many people think their credit report only comes into play when it’s time to apply for credit or a major loan. The truth is more people than you realize may review your credit report or score.

The list may include lenders, insurers, employers, courts, utility companies, cell phone companies, and Landlords. Under “permissible purpose” laws, these businesses have legal access to your credit files for the purpose of evaluating your finances and determining your rates.

What does all this mean? That even renters need to keep track of their credit records. You can get a free copy of your credit report and score with a 7-day free trial membership to Triple AdvantageSM, a leading credit monitoring product from Experian®. Secure delivery is made online and includes an explanation of how to read your credit report and score. Go to www.FreeCreditReport.com to get yours. When you order your free report at www.FreeCreditReport.com, you will begin your free trial membership in Triple AdvantageSM . If you don’t cancel your membership within the 7-day trial period, you will be billed $12.00 for each month that you continue your membership. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide credit reporting companies. To request your free annual report under that law, you must go to www.annualcreditreport.com. Experian® is not affiliated with the annual free credit report program.

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Why Should Renters Check Their Credit Report?

Whenever you apply to rent a new apartment, or for a credit card, loan or extension of credit, the potential lender will most likely review your credit report before making a decision. You should too! Check it several weeks or even months prior to making a large credit purchase.

• Get an easy-to-read summary of your credit accounts and total debt – both existing balances and available limits.
• Budget and plan for the future.
• Assure the accuracy of the information reported about your credit. This is especially important when you're getting ready to buy an expensive item such as a car or new home.

If you haven't reviewed your credit report recently, get a copy of your Experian credit report and score delivered online for free with enrollment in Triple AdvantageSM. Order now! When you order your free report here, you will begin your free trial membership in Triple AdvantageSM . If you don’t cancel your membership within the 7-day trial period, you will be billed $12.00 for each month that you continue your membership. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide credit reporting companies. To request your free annual report under that law, you must go to www.annualcreditreport.com. Experian® is not affiliated with the annual free credit report program.

Correcting errors on your Experian report

Federal law allows consumers to challenge inaccuracies and correct their credit files, and Experian encourages consumers to dispute incorrect data. There is no fee. If you believe there is an error on your report, you can dispute it online for fast resolution. Experian® will verify your dispute with the source of the data. Once Experian receives the response, they will promptly send you the results of the investigation. You should receive a response within 30 days. Go to www.FreeCreditReport.com to review your credit report today.

Checking your credit report:

1. Verify that your personal information is correct. Check you name, address, marital status, and employment information. Make sure this information is accurate and note any discrepancies. For instance, if there is an address listed that you never lived at or an employer listed that you never were employed by, further follow up is necessary. Discrepancies such as these should be considered very suspicious. Also close any accounts that you no longer use.
2. Check that your account information is accurate. Verify that each account listed is one that you established, and that there are no unauthorized accounts in an “open” status. This is critical. Victims of identity theft have admitted that if they would have looked at their report more closely, they would have been tipped off much earlier that an identity thief was in their midst.
3. Review any inquiries on your credit report. Verify that those who have checked your credit were initiated by you, and not the activity of an identity thief. This too, is an early indicator that something is wrong.
4. Check your credit report often. It is essential that any suspicious activity be discovered early. Doing so can prevent the theft from actually occurring, or in the event that your identity is stolen, it can minimize the financial impact very significantly. That’s why it’s important to check your credit report on a regular basis. Remember, early detection is key.

There’s an easy way to try credit monitoring for yourself. You get a free credit report and score as part of a 7-day free trial membership, with enrollment in Triple AdvantageSM, a comprehensive 3-Bureau Credit Monitoring product from Experian®. As a Triple AdvantageSM member, you will receive email alerts after key changes to any of your 3 national credit reports have been detected. Plus you can view your Experian Credit Report and Score anytime. Order yours at www.FreeCreditReport.com.

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Prepare Your Credit for Your Moving Process!

Many of life's major changes can impact your credit, but keeping these credit-savvy tips in mind can help you keep and build your credit, so it's always available when you need it.

A 3-Bureau Online Credit Report Can Help You Handle These Changes.

The 3-Bureau Online Credit Report includes comprehensive information that can help you prepare for significant changes or major purchases. By double-checking that ALL bureaus' information is accurate, you can make sure your credit will work for you in times of change. To order your 3-Bureau Credit Report, simply click here for an online order form.

Experian®, one of the nation’s three major credit reporting companies offers a wide range of credit monitoring products at various price ranges. Most products come with a free trial membership and free Credit Report & Score offer with enrollment in the product and the option to cancel the membership at anytime after enrolling. To learn more, go to www.FreeCreditReport.com. When you order your free report here, you will begin your free trial membership in Triple AdvantageSM. If you don’t cancel your membership within the 7-day trial period, you will be billed $12.00 for each month that you continue your membership. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide credit reporting companies. To request your free annual report under that law, you must go to www.annualcreditreport.com. Experian® is not affiliated with the annual free credit report program.

How the Credit Industry Tackles Fraud.

Incidents of credit fraud are steadily increasing, and the issue has taken on increased urgency. Major players in the credit industry are working together, discussing defensive strategies for combating credit fraud.

Although credit reports are considered one major source of credit fraud, in many cases, employees for credit card issuers, banks, or retail stores may be authorized to pull credit reports on thousands of consumers a month to determine their creditworthiness or potential risk. Credit fraud occurs when the information gets into the wrong hands, and the Associated Credit Bureaus, Inc., a trade association based in Washington, D.C., is examining ways to limit access to credit reports.

The three major credit bureaus—Equifax®, Experian, and Trans Union®, are also looking at ways of controlling access to credit information. Some of the ideas they are considering include:

• Frequently changing the passwords employees use to access consumer credit reports.
• Dedicating computer terminals to specific employees who are authorized to access reports.

Other measures credit bureaus have taken to prevent fraud include:

• Suppressing Social Security numbers. When credit grantors in specific industries request a credit report from Experian, the information on the report will tell them whether the Social Security number entered during the inquiry was correct, similar, or incorrect. But the number itself will not be printed on the credit report.
• Dropping several digits from credit account numbers--or eliminating the numbers entirely—from credit reports provided to credit grantors.
• Preventing criminals from fraudulently accessing consumer credit information from other credit bureaus. When one credit bureau discovers fraudulent credit activities, they immediately notify the other credit bureaus.
• Placing a security alert on your credit report when you have been a victim of fraud. This alert warns potential credit grantors that your identification has been used fraudulently, and stays on your report for 60 days.
• Placing a fraud alert statement on your credit report that will stay there for up to 7 years, asking credit grantors not to approve any new accounts without calling you first. This will prevent you from getting instant credit—but it will also prevent criminals from obtaining unauthorized credit in your name.

Credit card issuers are also taking extensive steps to help protect consumers from fraud, such as:

• Requiring you to call an 800 number to verify your identity before using your card.
• Comparing all new credit applications against credit bureau and in-house databases containing fraudulent criminals, addresses, and other fraud-related information.
• Verifying your identity if you or an impostor attempts to change your address when returning a preapproved credit offer.>/li>
• Notifying you that your card has been sent. If you receive the notification but not the card, you should contact the card issuer immediately.

With enrollment in Triple AdvantageSM, a 3-Bureau Credit Monitoring product from Experian®, you can find out quickly when key information changes have been detected on any of your credit reports. Plus, get a FREE credit report with a 7-day free trial membership and check it for signs of possible credit fraud! To get your Free Credit Report, go to www.FreeCreditReport.com.

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