Curious about a new RentGrow listing on your credit report?
While you might expect a tough query on your credit report when applying for a mortgage, you may be surprised to discover the same type of entry when you apply for an apartment rental.
If you recently applied for a new rental property, it is possible that your landlord carried out a credit check during the application process.
If so, this could have a small impact on your bankroll.
Read on to learn more about RentGrow, how hard inquiries affect your score, and what you can do to get an inaccurate inquiry from your report.
RentGrow on your credit report
RentGrow is an agency that receives consumer credit reports for landlords.
They might be on your report for one of three reasons:
- You have applied for a new apartment
- You served as a surety / co-signer for someone else’s application
- Your lease was recently extended
Applying for a new lease, renewing your current one, or agreeing to be a co-signatory to someone else’s application can create a tough request.
While many landlords only do a soft credit check when applying for new living space, others opt for a hard request from an agency like RentGrow.
The information in your credit report can help them determine how reliable you are as a borrower. This can indicate your likelihood of keeping up with rental payments.
When applying for a new apartment, the application should state whether or not a hard request is required.
If you are overwhelmed with handling negative entries on your credit report,
We encourage you to seek help from a professional credit repair company.
Call Lex Law for help
How does a hard RentGrow request affect your balance?
Before we dive into RentGrow’s request, it’s important to understand the difference between hard and soft requests.
Soft requests can be triggered by:
- Credit check
- Pre-qualify for a loan or credit card
- Online offers
- Rental application
These requests will not do any damage to your score and will not be added to your credit report.
Hard requests are different.
Instead of checking your score, lenders and service providers can see your credit reports in full and get a full view of your credit history.
Hard inquiries usually come when you apply for funding, including mortgages, lines of credit, credit cards, and more.
However, they can also occur when you apply for a new apartment if the landlord has a stricter verification process.
Although your credit report has a tough query in it, this is one of the least effective types of records.
At most, your score will likely only drop a few points and be removed from your report in two years.
A word of caution: While one loan application is nothing to worry about, try not to pile too many. A credit report with multiple tough inquiries at the same time can signal financial instability to potential lenders.
And a few points here and there can pile up quickly and take a huge toll on your score.
How to get RentGrow from your credit report
If you recently submitted an application to rent a new home or apartment, or if your lease was renewed at the time of the tough request, you probably cannot remove it from your report.
The best approach to legitimate hard requests is to let them fall off your report naturally.
However, if you haven’t done anything to trigger a loan request from RentGrow, then you need to remove it from your report as soon as possible.
Not only does this harm your score unnecessarily, but it can also be a sign of identity theft.
Here are some tips to help you remove the difficult query from your report.
File a dispute with RentGrow and the offices
The first step in adding a questionable request to your report is to dispute it.
Both RentGrow and the credit reporting agencies should help you remove the inaccurate entry from your report.
Hard credit inquiries can affect one or all of your credit scores.
Hence, you will need to dispute the request with any credit bureau that shows RentGrow’s listing on their reports.
The Fair Credit Reporting Act requires credit reporting agencies to investigate disputes in a timely manner.
You have 30 days to investigate a dispute once filed.
If they find it is fraudulent or inaccurate, remove it from your report.
You can file a letter, report the dispute online, or call the offices to initiate the investigation.
In addition to contacting the offices, you should contact RentGrow.
The agency is encouraging people with incorrect information to contact their Consumer Relations team at 800-898-1351.
RentGrow should be able to provide you with helpful information about the application that generated the request and help you determine whether it was due to a reporting error or identity theft.
Monitor your balance
Keeping track of your balance is incredibly important.
Since you only get one copy of your actual credit reports from annualcreditreport.com each year, it is next to impossible to keep track of your balance without the help of a credit monitoring app.
With a free app like Credit Karma, you get:
- Frequent score updates
- New entry notifications
- Resources to improve your score
- Special offers
Contact a credit repair company
You can have a hard request deleted from your report yourself, but you don’t have to tackle fraudulent entries yourself.
If the thought of going back and forth with RentGrow and the credit bureaus doesn’t appeal to you, consider hiring a credit repair company.
They are staffed by experts who have a proven record of successfully improving people’s creditworthiness.
Whether your biggest worry is a hard query or you are dealing with a lot of credit problems, they have your back.
Here are some of the credit problems they can help with:
- Bad payment history
- Debt collector
- Real estate liens
They will help you create an actionable plan to improve your credit score and remove any inaccuracies in your report as quickly as possible.
If you’ve glossed over the fine print on your rental application and missed the part where you agreed to a tough request, there is no need to beat yourself up.
Expect tough inquiries in any credit report. They are essential to be approved for credit, credit, and home ownership in this case.
The best thing you can do for your bankroll right now is to work on improving your score using the bankroll you have available.
There are even paid services that report your loyal rental payments to the credit bureaus, which can improve your score significantly.
If you haven’t submitted any claims that could have resulted in a request from RentGrow, the FCRA should make it easy to remove them from your report.