Can a Home Rental Affect Your Credit?
Renting a home might not be as serious a financial commitment as purchasing one, but it can still affect your finances in a number of ways. Depending on the individual or company from which you rent, renting a home can have an effect on your credit score and report overall. From timely payments reported to the credit bureau by your landlord to a rental gone wrong resulting in eviction, there are several ways in which renting a home can affect your credit.
Payment Reporting
Traditionally, rent payments weren't part of your credit history. According to Experian, a credit reporting company, rental companies or individual landlords now often report timely payments to the credit bureau as a way to reflect rental history and on-time rent payments (or lack thereof) of residents. This payment reporting becomes a part of your credit report and can either help your score or drag it down if you are consistently late paying your rent.
Evictions
An eviction also has an impact on your credit history, as rental companies look for this information when renting you a residence. If you are evicted and it shows up on your credit report, chances are you are going to be denied for the new place (or at the very least, you are going to have some explaining to do). This can also affect your ability to get credit in other areas, particularly if you should attempt to get a mortgage loan down the road.
Renting With Poor Credit
Renting a home with poor credit can affect the amount you must pay each month as well as your initial costs to get in the new place. Landlords and rental companies renting to someone with poor credit due to a poor rental history will often require more to be paid in rent -- and sometimes rent paid a month in advance -- to ensure no issues with their particular rental contract.
Additional Considerations
Ask your landlord if he reports your payment history to the credit bureaus; oftentimes, individuals don't take this step, as it results in more work for them, but larger rental management companies might do so. If your rental history has affected your credit report, such as an eviction, you may have to wait up to seven years for it to fall off. In many instances, to get that eviction mark to go away, you may have to pay out the remainder of the rental contract.
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