So long as your apartment is paid and current, such leases will not appear on your credit report. However, should you or the person you are guaranteeing become delinquent, there are several ways in which this information can appear on the credit report. In some states, landlords work directly with collection agencies, in which case it would show up a a delinquency and tarnish your score. In other situations, your name may be mention as a party to an eviction or legal proceeding, something which may show up in other searches that accompany credit reports, such as eviction history, or certain criminal background checks. The best suggestion is if you don't have to guarantee or cosign, don't do it unless you can afford to pay for that person should they become delinquent on their obligations.
yes and it is on your credit report for 10 years.
The management will tell you when you apply for the apartment whether they are going to check your credit or not. Usually, yes they do check it and also check with your previous residence to make sure you paid the rent, were a good tenet etc. The credit report will arrive at the complex usually the same day it is requested or next day. It's pretty quick. You can request a copy of your credit report for free (mandated by the US gov't a few years ago) to check your own report and see what's in there that may help or harm future credit related purchases or endeavors. A company that requests your report (ie. car dealer, apt complex) is not obligated to show you what they receive, though they may if you ask nicely. Good luck with your rental.
There is no real repository for rental histories. If you have a history of evictions they may show up on your credit report when you apply for tenancy and the apartment complex or landlord checks it.
Depends on if your apartment community reported to the credit bureau's as being a late payment. Most of the apartments where I have lived, didnt report it when I was a month late. Apartments usually get you if your late constantly or evicted from the apartment. You could ask your landlord if they reported it as being late.
To have your credit rating affected by any creditor, they must report monthly to the credit agency. Landlords seldom, if ever, report regularly. They might check your credit before you move in, but usually, the only time you are affected by a rental agreement, is if you default on the rent, AND you get sued for it, AND the landlord gets a judgment against you AND he registers the judgment with the credit reporting bureau. Then, you have an ugly black mark on your credit score. In order to bypass the legal process and go directly to screwing up your credit, the landlord must be a member of a credit reporting agency, and must report to them about you and all his other tenants monthly. Then, if you are in default, it would show the month following the default, or the second month following. Usually, you get one month grace. But if you are 2 months in arrears, and the landlord is sophisticated enough to be reporting monthly, you would have been kicked out already!
It will appear on the CR of both parties.
Renting an apartment or home will not show up on your credit. That just builds up rental history for yourself. The only time a renter will ever report you to a credit agency is if you move out with a balance that was not paid within 14 to 30 days of your move out.
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
The way it may impact on the credit report depends on if the person pays the rent as agreed. It will also play a part in the cosigner's DTI. Usually the only way of being removed as a cosigner is if the agreement is reaffirmed by the primary holder and the lender. In the instance of rental agreements, a cosigner can sometimes be relieved of obligation if there is a breach of contract. For example, if the person moves someone not on the original rental contract into the apartment.
A seventeen year old would not be allowed to rent an apt. even with a cosigner. If they did so by claiming to be of legal age, it would be considered a fraudulent act and the debt could be deemed valid. The possiblity of a bad credit report is not relevant.
Yes, as a cosigner you will be responsible for the debt, so it will reflect on your credit report.
This debt will appear on your credit report as a joint debt. It will bare just as much weight on your credit report as if it were in your name alone.