Running Credit Reports For Renters
2010
My credit score has dropped from a 750 to a 650 in 1 year…why?
I have a renter living in one of my properties and had the utilities in my name(my first mistake). I just found out that she hasn’t been paying them! She has finally made current all utilities including the $1000 p/d balance to the gas company. Everything is now in her name. I ran my credit report and the only adverse event listed is that the gas bill was 120 p/d because of my tenant. I also noticed my total mortgages are listed as $750K for both of my properties. This is about $250K too much but I believe it was because I just refinanced. My question is can a p/d utility of 120 days drop my score by 100 pts? Or is the fact that mortgages are so high? Can having too much of a mortgage bring my score down? I also need to know if there is anything I can do to delete those p/d utilities on my credit report and if not how long will it take to bring my score up? Thanks in advance!!!
If the utility bills have gone to collections, then it will be on your credit report and affect your score.
Otherwise, they are not reported. So, if the paid utility bill is not in collections, then it must either be the refinancing of the mortgage(s) or that something else is going on.
First, you should find out exactly how much you have in mortgage lending. If it is incorrect, you need to complete dispute forms and mail them certified to all three credit bureaus. You should also pull your credit report from all three to see if there are any other discrepancies.
If you have already done so within the past year, you’ll need to pay for them. And because you’ll have to pay, you should go to myfico.com, which has the most accurate credit reporting information than others out there like annualcreditreport.com or creditreport.com. Most places that provide your report typically have a portion that tells what is driving your score down and what the positives are. FYI: Myfico.com has this.
I hope you find the information you need.
Legal Rights for Middle-Class and Low-Income Families
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