Reply
Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Why now?

Just got a notice from my property management group that they will start reporting rental history to experian on something called rent bureau. I am in the middle of applying for a mortgage. What can this do to my score? Won't it hurt my AAoA? Is this even legal?
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Frequent Contributor
Autumnslight
Posts: 311
Registered: ‎07-08-2012
0

Re: Why now?

As far as I know, there's nothing that prevents them from reporting this. But, the important part is going to be how they report it. It would make the most sense if they reported from the date that you started renting the property. In that case, you'd have essentially a back-dated account with a bunch of (hopefully) positive history. That could actually help your score. It probably wouldn't hurt you in terms of AAoA unless you haven't been there very long, or you have a very thin credit file.

 

On the other hand, if they start reported with an open date of 2013, yeah, it might hurt your score. If that happened, I'd talk to the management company and see if they'd change it. If that failed, I'd dispute it in writing with the credit bureaus, because I don't think that should be considered accurate reporting.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Why now?

I just asked about opening date, waiting for a response. I started renting almost a year ago.
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Why now?

They just said it would start as February of this year. I hate my property management, they are always doing something stupid. They just found out I was moving to buy and now this. It's almost like vengeance. My loan officer said it should not be bad but I'm scared he may be wrong.
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Super Contributor
DallasLoanGuy
Posts: 6,178
Registered: ‎07-03-2007
0

Re: Why now?

i believe you have a right to a 100% accurate report.

if they do not show all of your history then they are in violation of the fair credit reporting act

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Why now?


Ty, I'll have to wait and see when they start reporting next month how it reports. I'll probably have to dispute the opening date if it's not 03/2012 when my lease started.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Super Contributor
DallasLoanGuy
Posts: 6,178
Registered: ‎07-03-2007
0

Re: Why now?


jordanmedical wrote:

Ty, I'll have to wait and see when they start reporting next month how it reports. I'll probably have to dispute the opening date if it's not 03/2012 when my lease started.


as long as you have time to allow the dispute to get resolved(over 30 days).... then this sounds like a good strategy

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+