Question from Testy: Is it fine to put a freeze on my credit while I’m in the process of apartment hunting? I’m aware they look into credit scores and leasing history, but an old broken lease that I’ve disputed still keeps showing up. It’s frustrating to get turned down when this should no longer be on my credit report. Any suggestions?
Answer from AI:
Hello,
Freezing your credit can be a protective measure against identity theft, but it can also complicate the process of applying for an apartment. When you apply for an apartment, the landlord or property management company typically runs a credit check to assess your financial reliability. If your credit is frozen, they won’t be able to access your credit report, which could delay or hinder your application process.
Understanding Credit Freezing
A credit freeze, also known as a security freeze, restricts access to your credit report. This means that potential creditors cannot view your credit history, making it harder for identity thieves to open new accounts in your name. However, it also means that legitimate inquiries, such as those from landlords, cannot access your credit report either.
Impact on Apartment Applications
When you apply for an apartment, the landlord or property management company typically checks your credit to assess your financial reliability. If your credit is frozen, they won’t be able to access your credit report. This could delay your application or even result in a denial if the landlord is unable to assess your creditworthiness.
Dealing with Incorrect Credit Information
If a broken lease that you disputed is still appearing on your credit report, it’s important to address this issue directly with the credit bureaus. Here are some steps you can take:
- Contact the credit bureau that is reporting the incorrect information and file a dispute. You can do this online, by phone, or by mail.
- Provide any documentation you have that supports your dispute. This could include copies of letters you sent to the landlord or property management company, proof of payment, or any other documents that show the lease should not be on your credit report.
- Follow up with the credit bureau regularly until the issue is resolved. It can take 30 to 45 days for a dispute to be resolved, so be patient and persistent.
According to the Federal Trade Commission, you have the right to dispute and correct inaccurate information on your credit report. If the credit bureau does not correct the information, you can request that a statement of the dispute be included in your file and in future reports.
Remember, freezing your credit is not a solution to incorrect information on your credit report. It’s important to address these issues directly with the credit bureaus to ensure your credit report accurately reflects your financial history.
