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Evictions

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Regular Contributor

Evictions

If someone gets evicted, it causes a lot of different credit problems.  Unpaid rent, collection, etc., and the eviction itself is a public record.  My question is how much impact each of those problems has on the person's credit score.  Just a ballpark estimate of each, because each obviously depends on the individual, and what else is on their credit report.  I especially want a ballpark estimate of how many points they lose when the public record itself hits their report.

 

Message 1 of 9
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Valued Contributor

Re: Evictions

The higher your credit score the harder each of the major derog's will hurt your score.  I wouldn't be surprised with 100+ drop for the first one that hits.  The ones that hit after that will not hurt as much but when your score is below 700 the points matter more.  Happily I don't have any personal experience with this.  So take my opinion with a helping of salt.

 

If no one else chimes in, you may want to ask the mod's to move the post to one of the rebuilding forums.  The folks that hang out there may have personal experience on how major derogs hurt your score.

 

PS. If I was concerned about a future eviction, I would probably look at a low interest CC from one of my credit unions.   However, credit cards can make the hole deeper, really quickly.

Message 2 of 9
Regular Contributor

Re: Evictions

This is not about me.  It's about prospective tenants, to live in my house, after I move to another city.  Instead of intially asking the prospect about evictions, I'm wondering if I can simply ask for their credit scores, and see from the scores how likely it is that they had one or are coming from one.  And then, when they actually come to do the paperwork, I would verify their scores, and hopefully find any evictions on their credit report.

 

Message 3 of 9
Valued Contributor

Re: Evictions

There are lots of reasons why someone could have a low score.   You will not be able to tell from their score if they have been evicted or not.  There are some landlords who have a strict credit score cut off.  Other landlords don't check for a score, they just look for evictions, bk, etc.

 

Also note, that evictions can take a couple of months before they show up on a credit report.  The court has to at least make a filing in a public record.  Then the CRA's have to scan the public records to find the filing and/or later judgement.  Also remember that evictions are only necessary when the tenant refuses to leave.  If the tenant doesn't pay a couple months rent and skips town, no eviction.  Although, the landlord can do other things.

 

You may want to find a tenant screening service.  They can give you state specific advice, etc. 

Message 4 of 9
Super Contributor

Re: Evictions

+1

This forum is geared to the individual watching their own credit report. If you want to get into gathering and reviewing prospective tenant credit reports for specific kinds of history, that's where you need to get local legal advice, or use a tenant screening service, as noted.

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Message 5 of 9
Regular Contributor

Re: Evictions

I don't want to get into the landlord business.  Just to rent out my house till I decide whether I want to sell it.  The kind of tenant I want to avoid is the kind who tends to get evicted a lot.  I never intend to be a landlord in the future, so it would be waste of time for me to gain a lot of experience finding out which services to use, etc.  I just want to simplify the process as much as possible, for one tenant, one time.

 

Message 6 of 9
Super Contributor

Re: Evictions


@axxy wrote:

I don't want to get into the landlord business.  Just to rent out my house till I decide whether I want to sell it.  The kind of tenant I want to avoid is the kind who tends to get evicted a lot.  I never intend to be a landlord in the future, so it would be waste of time for me to gain a lot of experience finding out which services to use, etc.  I just want to simplify the process as much as possible, for one tenant, one time.

 


If thats the case, I would just suggest pulling the prospective tenants credit file, not their score. Its quite common these days and most renters are aware of it.

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Message 7 of 9
Established Contributor

Re: Evictions

...a credit report may not show you the information you want since many evictions never appear there for various reasons ...if I were in your shoes I'd inquire with a local realtor who manages rentals for clients ...they should, for a fee, be able to give you a much better background on any prospective tenant you run through them ...hth


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Message 8 of 9
Super Contributor

Re: Evictions

+1

Whether you want to call it that or not, you are in the landlord business, because you are proposing to rent to someone for some indefinite period of time.

You are certainly free to try to figure it out on your own, and it may work out fine, but you could also pay an expert a small fee to know you are getting good advice. It depends on how much your time is worth. I used to work for a company that did apartment rentals. It's a business with all kinds of hidden fun Smiley Happy

 

Cheers!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
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