Does terminating an apartment lease early damage your credit?

Please allow me to confirm that it CAN effect your credit. The apartment community typically, but not always, turns the accounts over to a debt collection agency. Once the agency has the account, they start sending letters, calling etc. The account is typically reported to the bureaus between 90-120 days after placement. The reporting is the first piece of leverage to get a debtor to pay. The goal is to get the money, not to prevent you from opening up an account at Best Buy. If you pay the collection agency quickly, you won't have a mark on your credit at all. You might even be able to pay a settlement rather than a full amount. Evictions however are reported independently through the county. Evictions by the way, don't drop off after 7 years, depending on the state, they can last a lot longer depending on the state. The FCRA (fair credit reporting act) says that an item on your credit can stay for 7 years from the date the debt was incurred OR the last payment date.