A rental history, which is full of negatives, can provide a bad impact to obtain a home loan or to get eligibility for rental property. If the history has become your nightmare, try to remove them for a positive future. Here are some effective ways of fixing your bad rental history.
Correct Your Rental History:
Purchase A Rental History Report: The credit reporting agencies have different departments of making the rental history reports also. If you are aware of the factors mentioned in your rental history, you can definitely take steps for fixing them. Purchase your own copy of report from any credit reporting company or from any third party.
Check Reports To Identify Incorrect Options: You may have gone through financial mishaps and that may have reflected in your report of the rental history. But sometimes incorrect data may also appear due to some accidents. If you find anything wrong in the report, just try to get in touch with the credit reporting agency. They will erase or correct the information from the report within thirty days. But if the agency claims that their report is correct, you are required to display some proofs in front of them. You can contact the property manager, the landlord or the owner for attesting the falsity of the information and you can use the document as your proof.
Remove Outdated Information From The Report: Take steps to remove the outdated information from the report. According to FCRA, the bankruptcy cases which are 10 years old must be removed from the rental history report. Other negative reports which are 7years old can also be removed from the report easily.
Convince Previous Landlords: If the previous landlords can provide positive information to the rental reporting programs, then that will definitely show up in the reports. So, instead of requesting for the references, try to convince your previous landlords to participate in the rental report programs and submit positive information about you. This strep will not actually remove your negative results but will help them to balance with more and more positive information.
Apply With Your Bad Rental History:
Cover Letter: Sometimes it becomes very difficult to remove all the negative remarks from your report. Then you must apply for the property with the bad rental history. You can include a cover letter with the application by explaining the negative circumstances. Never try blaming other while you are writing the letter. Your letter must not display the self-pity. It must be factual, comprehensive with various examples to prove your points.
Search for Co-Signers: If you can bring any relative or close friend with you, your landlord may overlook the negative points in your report. Though the co-signer will not stay like your roommate, but he will take the responsibility of paying the rent or expenses for damaged property when you fail to pay. This can be a good option for the first time renters who do not have any background rental reports. But never try taking the advantage of the person who has agreed to co-sign for your lease.
Direct Payments: When it becomes tough to remember about paying the rent every month, you can go for the direct payments. This will help the system to pull out your rent automatically and transfer the money automatically to the concerned account.
If everything fails, you can even try staying with a roommate. If he has a strong rental history background, your landlord will surely approve your application. You can also pay a large amount as security deposit or some month’s rent to prove your interest as a renter.
Author Bio: Stuart Johnson is a property manager. In this article, he is talking about bad rental history report and how to fix them and apply with a positive attitude.