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How Evictions Have an effect on Your Credit score

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Determining excellent creditworthiness seems to be a challenge these days. Maintaining good credit appears to be an achievement associated with several economic changes linked to government policy.

If you face an eviction, you may be concerned that the notification will affect your credit report and score. It is a human response to such an event. If you’re looking for answers, you’ve come to the right place.
This article examines some of your top evictions questions and how they affect your creditworthiness.

What is an eviction?

An eviction is a process by which an owner (landlord if you wish) can remove a tenant from the property and stop using it. An eviction is primarily a legal process that is carried out when the tenant commits violations.

A landlord cannot bring evictions to tenants without a valid reason – this must be done according to the laws of the country of residence. There are several reasons landlords might want their tenants to evict. They include:

  • Use of property for illegal purposes
  • Subletting the property with the consent of the landlord
  • Using a residential property commercially and vice versa
  • Failure to pay the rent
  • A repeated habit of late payment of rent
  • Physical damage to property
  • Constantly disturbing the quiet and annoying other tenants
  • Accommodation for many people in the apartment.

Before renting out an apartment to a tenant, certain contractual conditions must be observed. If these conditions are violated, the landlord can file an eviction action.

What does an eviction do with your loan?

The common misconception is that evictions will appear on your credit report. That’s not the case. Eviction records are kept in a separate rental history report – which tenant screening companies can obtain from any credit reporting agency. So, yes, evictions will not affect your creditworthiness. There are a few exceptions, however.

Most evictions are due to unpaid rents. Landlords can report these debts to a collection agency that will appear on your credit report, which will affect your credit score.

If you want to rent a new apartment, your new landlord can check both your tenant and personal credit reports. Your landlord can report unpaid debt to debt collection agencies, which can affect your creditworthiness.

How long do evictions stay in the credit report?

Confiscations resulting from an eviction will remain on your credit report for seven years, which will affect your creditworthiness during that period.

This is a potential warning to potential landlords who may request your credit information from the tenant screening agency. Also, court rulings related to evictions may not appear in your credit information but in public records. Prospective landlords interested in background checks can search court records or leave them to tenant screening agencies to do their own research.

How many points does an eviction lower your credit score?

As mentioned earlier, evictions cannot be reported directly on your credit report. The collection of unpaid debts is reported. This can potentially lower your credit score by as much as 60-100 points.

However, this will depend on the type of credit history you have. For example, if you have a good credit score, one eviction could drop your credit score by 80-100 points or more. Someone with a low credit score can experience a nosedive of up to 40-60 points.

How can you tell if an eviction is on your loan?

Once you understand how evictions can potentially affect your credit score, it is important to have a look at your credit history for these developments.

One way to do this is to look at your court records, especially if you’ve had a lawsuit over rental issues. You can search for such information in the files of your country of residence as it is public.

You can also ask a potential landlord for the name of the collection company they use. After that, you can call to find out if your credit report shows an eviction.

You can also request a free copy of your RentBureau report from any of the three credit bureaus.

How to get your credit report evicted

If you are discovered there are several ways you can evacuate your credit report. They include:

Consult an attorney if an eviction has been mistakenly added to your public records.

If you believe your landlord or property manager failed to follow proper eviction procedure, or you failed to breach the terms of the lease, see an attorney to determine your legal rights based on your state of residence.
In some cases, when your income is below a certain threshold, a legal aid organization in your area can help you with your case.

Pay off your unpaid debts

If you can’t pay the full amount, you can try negotiating a payment schedule for less than the amount originally owed.

Request that the eviction be removed from your tenant screening reports

You can also ask your landlord or property manager to remove the evacuation file as a condition of the total payment. It should be a written statement that both parties must sign.

Request that collections be removed from your credit information

In some cases, the debt collection activity may appear on your credit report even after the rental debt has been paid. After you’ve paid the debt in full (or negotiated a settlement), you may be able to negotiate a letter of deletion from the debt collection company to request that the debt be removed from your report. Get the agreement in writing too.

Eliminate inaccuracies in credit bureaus / tenant screening companies

If your credit report shows a false collection, you should file a 609 dispute settlement letter with the credit reporting agencies. You can also reach out to tenant screening companies to resolve the dispute and fix the bugs.

You would need to provide solid evidence that the information on your credit report is indeed incorrect. It can include the written agreement with your property manager or tenant screening company.

Conclusion

Responsible financial behavior is essential to maintaining your creditworthiness. The technical details of getting your credit report on track can be too taxing for you. The Phenix Group provides free credit research and advice, including strategies for maintaining good credit.
Contact us today.

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