There are three different credit bureaus a landlord may use to run a credit check -- Equifax, Experian and TransUnion. Credit bureaus may report different information and a landlord can use any or all of the bureaus to get an idea of credit worthiness and financial management.
Experian®, considered one of the best solutions for tenant screening service providers, is currently the leading credit bureau for incorporating rental history data into credit reports and a top tenant verification service for landlords, property managers and real estate agents.
Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment.
Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
With TransUnion SmartMove, a landlord can run a tenant credit check and a criminal background check online, in minutes. By getting better information about potential renters, you'll make better decisions and find Great Tenants.
We report to TransUnion, so your rental history will be visible on any service that shows you your full TransUnion credit report.
Personal Information: Social Security number, name and address. Credit Information: credit accounts, credit limits, loans, balances and payment history. Inquiries: everyone who has reviewed your credit report in the past 2 years. Public Records: bankruptcies, which can stay on a credit report for up to 10 years.
FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates.
A 720 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
70% of U.S. consumers' FICO® Scores are higher than 650. What's more, your score of 650 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score range, which could mean access to a greater range of credit and loans, at better interest rates.
Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed.
While a FICO credit score from 580-669 is considered fair credit, 620 is often the minimum credit score you'll need to rent an apartment. ... And if you have a credit score lower than 580, which is considered poor or bad credit, you will likely find it very difficult to rent an apartment.
There's no set credit score necessary to rent an apartment or house; the criteria for approval will vary depending on the property, location, landlord and other factors. However, knowing your credit score before you start apartment-hunting can help you zero in on properties you may qualify to rent.
Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate they are a high risk renter.
In short, yes! A credit score of 500 is low, but it's not insurmountable. It would be best if you planned some extra time for your apartment hunt with scores this low, but you can still rent an apartment. ... With a low credit score in the 500 range, you should expect to pay slightly more for an apartment.
Landlords should conduct credit reference checks on any prospective tenant. This will show you if the tenant pays their bills on time each month and will detail any late or missed payments over the last few years. It will verify whether the tenant has any debt and how much that debt is.
A credit score of 900 is either not possible or not very relevant. ... On the standard 300-850 range used by FICO and VantageScore, a credit score of 800+ is considered “perfect.” That's because higher scores won't really save you any money.
Closing a credit card account — whether it's unused or active — can hurt your credit score primarily because it reduces the amount of available credit you have. If the card you close has a small credit limit, you may see little or no effect.
A 717 credit score is a good credit score. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things.
The highest credit score you can have on the most widely used scales is an 850. For common versions of FICO and VantageScore, the scale ranges from 300 to 850 and lenders typically consider anything above 720 excellent credit.
There are two main reasons why credit scores for the same consumer can vary by more than a few points: Differences in the information on file at the three major credit bureaus – Equifax, Experian and TransUnion. Differences in credit scoring formulas.
Equifax offers numerical credit scores that range from 280 to 850. 8 The bureau uses similar criteria as FICO to calculate these scores, but as with Experian, the exact formula is not the same. However, a high Equifax credit score typically indicates a high FICO score.
TransUnion uses most of the same personal information that Equifax does in scoring your credit; however, TransUnion may find certain aspects of your credit history more important than Equifax does. ... Banks may use your TransUnion report to verify your employment information.