Credit Reports
Renter Answers

Credit reports are used by rental owners and property managers to evaluate prospective renters. Unfortunately, credit reports may contain errors. According to a national consumer organization, one in four credit reports contain errors serious enough to cause someone to be denied approval for a loan or possibly the opportunity to rent an apartment.
     
In response to consumer complaints about credit reporting errors, a new federal law called the Fair and Accurate Credit Transactions Act of 2003 (FACTA) was enacted.
Beginning December 1, this new law requires that the three nationwide credit reporting agencies establish a centralized source that will enable a free annual consumer credit file disclosure to consumers upon their request.
     
To obtain your free report, contact any of these credit reporting agencies: Equifax, Experian or TransUnion. Requests may be made by phone, mail or the Internet.
     
You need to understand that your credit history is not the only factor considered during the rental application process. Your income and references from your previous rental owner or manager are important, too. However, you should review your credit reports periodically to ensure they are accurate.