CREDIT SCREENING
John Branham | transunion
Aim for Healthy Credit and
Understand What Lenders
May See
W
hen considering which dream property to rent, tenants may weigh the distance
between their new home and their job, the amenities, the area’s crime rate and
local attractions. But TransUnion’s SmartMove, which celebrates its one millionth
renter and is powered by TransUnion – the national credit reporting company –
reveals that renters should also understand what factors landlords may be weighing when reviewing
renters’ applications. And that includes their credit report.
CAREER
CENTER
According to a recent survey conducted by TransUnion, 43 percent of landlords surveyed said
they perform credit checks as part of the leasing process and 48 percent of landlords surveyed said
the results of a credit check are among the top three factors used when deciding whether or not to
accept a tenant’s lease application. Additionally, more than two-thirds (69 percent) of renters
surveyed said they will not purchase property in the next four years.
“It is important for current and future renters alike to understand that landlords may review
their credit profile to better understand a potential tenant’s ability to make on-time rent payments
and determine if their current debt situation may make them a risky tenant,” said Mike Doherty,
Vice President of TransUnion’s Rental Screening Solutions. “TransUnion reminds anyone that
currently rents or may someday rent property to regularly review their credit and look for areas that
may be a warning sign to landlords.”
TransUnion provides the following information to current and potential renters.
1: GET THE FACTS
To see a clear picture of your credit profile, order your credit report, credit score and debt analysis
online. Look for incorrect mailing addresses, inaccurate Social Security numbers, errors in your credit
accounts and inquiries that you don’t recognize.
2: DISPUTE INACCURATE INFORMATION
You have the right to contact your creditors and file a dispute with the credit reporting companies
asking them to correct inaccuracies. The credit companies generally have 30 days to investigate your
claim and make appropriate corrections.
3: IDENTIFY PROBLEM AREAS
Look for troublesome areas on your credit report and plan how you can better manage those
accounts and behaviors. If it’s tough for you to pay your bills on time, sign up for an automated
payment service. If you carry balances of more than 35 percent of your available limit on any
credit cards, consider creating a payment plan. Set goals and celebrate milestones.
4: FOLLOW UP
Check your credit again 30-60 days after you pay off debts. If you feel you need to explain
anything, consider adding a consumer statement to your credit report.
5: MONITOR YOUR CREDIT
To minimize your exposure to identity theft and monitor your credit health, enroll in a credit
monitoring program that will notify you of critical changes in your report. Save copies of your
credit reports and letters of dispute in a safe place. Evaluate your progress.
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