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Old 02-26-2011, 09:01 PM
 
11 posts, read 37,511 times
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A few years ago an apartment owner charged $75 for running our credit report after we saw an apartment we were interested in. We never rented an apartment from these owners. The apartment we eventually moved into also ran a credit report but didn't charge us. I'm curious as to why some owners charge and others do not. Seems like an easy way to get money from potential renters whether they decide to rent an apartment or not.

Since I'm in the process of looking for another apartment, is there anyway to avoid having to pay to have credit check fee? For instance, if I'm interested in three different apartments why allow three different owners to check the credit. The credit score is lowered the more people running it and if one person checks it, is there a way to get a certified copy to let another owner use? For the record, I'm not opposed to having my credit checked. However, I refuse to pay three different owners for checking the same report.

Wondering others thoughts on this.
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Old 02-26-2011, 09:10 PM
 
Location: East Village
755 posts, read 1,993,865 times
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You could prepare your own credit reports and have them available to owners to view, although some may still want to check it on their own. However, this could be a good way for them to determine your candidacy as a tenant without affecting your score or costing you more money.

I've never encountered the issue because I've never had my credit run until I was absolutely certain I wanted the apartment. I've also always paid for my own credit report, either directly or in the form of an application fee. Perhaps some owners pay for it as some sort of incentive for their tenants?

I think the easiest solution is to only pursue the apartment you like the most. Why would you apply for three different apartments? Put down a deposit on the one you like the most and go through the application process. Unless you have blemishes on your credit (you don't specify either way), why would you *not* get your first choice apartment?
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Old 02-26-2011, 09:26 PM
 
11 posts, read 37,511 times
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Quote:
Originally Posted by loratliff View Post
You could prepare your own credit reports and have them available to owners to view, although some may still want to check it on their own. However, this could be a good way for them to determine your candidacy as a tenant without affecting your score or costing you more money.

I've never encountered the issue because I've never had my credit run until I was absolutely certain I wanted the apartment. I've also always paid for my own credit report, either directly or in the form of an application fee. Perhaps some owners pay for it as some sort of incentive for their tenants?

I think the easiest solution is to only pursue the apartment you like the most. Why would you apply for three different apartments? Put down a deposit on the one you like the most and go through the application process. Unless you have blemishes on your credit (you don't specify either way), why would you *not* get your first choice apartment?
Thanks for the reply and the good advice. No blemished on the credit report. For the apartment we live in now they checked our credit before we even got to see the apartment.

I wouldn't apply for three apartments at once but as with the apartment that charged us a $75 fee...we never got that apartment. In spite of having excellent credit, there was always some excuse from the owner. If something ever occurs where one company checks credit and for some reason the rental doesn't happen...that is more of my concern. Am I making sense? It's late and my eyes are barely open.

I find the application fee odd but only because we've never been asked for one. Other than the $75 fee for the apartment never rented, I don't remember ever having to pay a fee for credit check or application.
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Old 02-27-2011, 07:25 AM
 
3 posts, read 13,714 times
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I'm a real estate professional, working with a large and popular company that does no fee apartment rentals in New York City. The best way to lower your credit report expenses is to run your own credit report online and then provide interested landlords with your login information so that they can see your credit report.

You can print a copy out and hand that in with your application package, but that is unlikely to be persuasive, since everyone knows that digital documents can easily be altered. But at least it gives a landlord a "preview" of your credit, which may be sufficient to get you from step 1 to step 2 of the qualifying process.

Credit reports are most definitely a "profit center" for sophisticated landlords. However, individual owners of small rental buildings, walkups, or brownstones, who don't normally process dozens of application for apartments per year, may be much more inclined to accept your online credit report. Larger companies want to charge you for a credit report, so they will give you excuses why you need to pay for their. Often, they do want to have a housing court search added to your credit report, and that will justify the added expense.

You can easily get an online credit report here. It's not expensive, it's safe, and you can pass on the login information to prospective landlords.
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Old 02-27-2011, 08:09 AM
 
Location: East Village
755 posts, read 1,993,865 times
Reputation: 295
Quote:
Originally Posted by GQ2006 View Post
I wouldn't apply for three apartments at once but as with the apartment that charged us a $75 fee...we never got that apartment. In spite of having excellent credit, there was always some excuse from the owner. If something ever occurs where one company checks credit and for some reason the rental doesn't happen...that is more of my concern. Am I making sense? It's late and my eyes are barely open.
Interesting. I've not seen an owner require a credit report just to view an apartment, but I can definitely see why you'd be concerned about having your credit pulled multiple times just to look at apartments.

In that case, I think pulling your own reports and having them available is your best bet. Like the poster below me said, sometimes people are skeptical of documents in this age of alteration and forgery, but it should at least get you through the door, both figuratively and literally.
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Old 02-27-2011, 08:38 AM
 
3,269 posts, read 4,660,436 times
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Quote:
Originally Posted by Aurence View Post
Credit reports are most definitely a "profit center" for sophisticated landlords. However, individual owners of small rental buildings, walkups, or brownstones, who don't normally process dozens of application for apartments per year, may be much more inclined to accept your online credit report. Larger companies want to charge you for a credit report, so they will give you excuses why you need to pay for their.
i've suspected this for a long time. but $75? oh my. i only paid $25 for the most recent cc
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Old 02-27-2011, 09:23 AM
 
215 posts, read 457,531 times
Reputation: 115
In Manhattan $100 is common.
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