basic

advanced

Exact phrase:

  • Home
  • Knowledge Base Categories
  • Sign in
  • Sign up
  • Home
  • Knowledge Base Categories
  • |
  • Submit new ticket
  • Sign in
  • Sign up
  1. Home
  2. How to Read an Experian Credit Report
  • FAQ Landlords 4 Articles

    • My RentPay 12 Articles
      • RentPay FAQ
      • Rent Perfect's Payment Collection Platform: RentPay
      • How to Stop Late Payment Emails When Payment is Received by Check or Money Order.
      • Video: How to Setup and Manage Payments Due
      • Video: RentPay Account Invites for Current Tenants
      • How to Enroll in Online RentPay
      • How to improve your credit score through Rent Perfect
      • Setting Up Recurring Rent Payments
      • Rent Pay Account Invites for Current Tenants
      • My Rent Pay: How to Request a Payment Due.
      • Processing Fees for RentPay
      • How to View Payment History Transactions
    • Send Invite 13 Articles
      • Why Applicants Should Pay the Screening fee.
      • Text Invites Are Here!
      • Where is the invite email?
      • Sending Your Rental Criteria to Your Applicants
      • Viewing the Online Rental Application Invite History
      • What if my applicant already completed a paper application?
      • Sending an Invite for an Applicant to Apply for Your Rental
      • What if my applicant does not have an email address?
      • How to Order a Credit and Criminal Background Report from a Tenant
      • Assigning a Property Address to a Tenant
      • Can I send one invite for a husband and wife to apply?
      • Applicants Without a Valid Social Security Number
      • Applicant Soft Pull Credit Report Orders
    • View Reports 15 Articles
      • Advanced Search for Reports
      • Rental History Verification and Employment Verification
      • When will I be able to view my applicants credit report and background investigation results?
      • Sample Final Background Report From a Licensed Private Investigator
      • Making Your Final Rental Decision
      • Liens and Judgments
      • How to Read an Experian Credit Report
      • Assigning a Property Address to a Tenant
      • How to View Applicant Reports
      • Applicant Dispute
      • Applicant Copies of Credit Report and Background Report
      • How are we different than other screening companies?
      • Credit Score Basics
      • Adverse Action Letters
      • Approved, Conditional and Do Individual Assessment
    • MIMO Inspections 3 Articles
      • The Benefits of Move-in and Move-out Inspections
      • MI-MO Electronic Move-In Move-Out Inspection
      • Introducing Rent Perfect's Online "Move-in & Move out" Inspection Process, "MI-MO"
    • Portal Tour 2 Articles
      • Tour of the Rent Perfect Portal
      • Rent Perfect's Online Platform for Landlords
    • Custom Lease Templates 3 Articles
      • Rent Perfect Online Lease Agreements
      • Lease Signing Instructions for Tenants
      • How to Create a Custom Lease Template
    • Password 3 Articles
      • Changing Your Password
      • Help with Invalid Password
      • Forgot Username or Password
    • My Application 7 Articles
      • Tenant Application Process Video
      • Rental Application Questions
      • Unique Rental Criteria for Individual Property Addresses
      • View, Manage, and Update Your Rental Application
      • What if my applicant already completed a paper application?
      • How to View a Copy of Your Rental Application
      • Filling Out the Online Application
    • Payment Settings 2 Articles
      • Why is my credit card being declined?
      • How are we different than other screening companies?
    • My Property 2 Articles
      • Property Availability Settings
      • How to Add a Rental Property Address to Your Rent Perfect Account
    • Renters insurance 2 Articles
      • Purchasing a Renters Insurance Policy
      • Renters Insurance Requirments and Notifications
    • My Leases 6 Articles
      • Rent Perfect Online Lease Agreements
      • Lease Signing Instructions for Tenants
      • Security Deposit Limits
      • Lease Renewals
      • Lease Length
      • HOW TO VIEW, PRINT OR DOWNLOAD A COPY OF A SIGNED LEASE AGREEMENT.
    • Pricing 1 Articles
      • Rent Perfect Pricing
    • Rental Criteria Settings 6 Articles
      • Cook County Compliant Tenant Screening Process
      • Unique Rental Criteria for Individual Property Addresses
      • Rental Criteria Settings
      • Sending Your Rental Criteria to Your Applicants
      • Approved, Conditional and Do Individual Assessment
      • Rental Criteria and Individual Assessments
    • Skip Trace 1 Articles
      • Skip Tracing:  Find a tenant that skipped out!
    • Creating an Account 2 Articles
      • How are we different than other screening companies?
      • Account Name and Contact Information Helpful Hints
    • Special Screening Requirements 1 Articles
      • Cook County Compliant Tenant Screening Process
    • Video: RentPay Account Invites for Current Tenants
    • Web Browser Security
    • Removing or Lifting an Experian Credit Security Freeze
    • Authenticating Your Identity with the Credit Bureau
  • FAQ Tenants 6 Articles

    • RentPay 8 Articles
      • How to Stop Late Payment Emails When Payment is Received by Check or Money Order.
      • How to improve your credit score through Rent Perfect
      • Setting Up Recurring Rent Payments
      • Tenants: What do I need to upload to verify my bank account?
      • Tenants: Adding a Bank Account to Pay Rent
      • Tenants: Rent Payment Instructions
      • Tenants: How to create a Rent Pay Account
      • Processing Fees for RentPay
    • Signing a Lease 2 Articles
      • Lease Signing Instructions for Tenants
      • HOW TO VIEW, PRINT OR DOWNLOAD A COPY OF A SIGNED LEASE AGREEMENT.
    • Rental Application 4 Articles
      • Video: Uploading a Copy of Government Issued ID
      • Video: Uploading Proof of Income
      • Uploading Proof of Income
      • Applicants: How to View and Edit Your Rental Application
    • Background reports 3 Articles
      • Applicant Background Investigation Update
      • Applicant Dispute
      • Applicant Copies of Credit Report and Background Report
    • Payment 1 Articles
      • Why is my credit card being declined?
    • Changing Your Password
    • Applicant Soft Pull Credit Report Orders
    • Web Browser Security
    • Removing or Lifting an Experian Credit Security Freeze
    • Removing a fraud alert victim statement on your credit file
    • Authenticating Your Identity with the Credit Bureau
  • Educational Articles - #107092 15 Articles

    • 3 Things Every New (and Old School) Landlord Should Know
    • Make Yourself Your Tenants’ Top Priority By David Pickron
    • Why The Cares Act Seems So Uncaring Towards Everyone by David Pickron
    • 3 Better Ways to Manage in a Time of Crisis by David Pickron
    • Useful Facts: Information is Power
    • Why are the credit bureaus moving backwards? by David Pickron
    • Employment and Rental Verification: Same Game, New Rules by David Pickron
    • Trigger Words Every Landlord Should Listen For
    • Is Your Tenant a Tool? (It’s Not What You Think)
    • Your Short-Term Rentals Can Generate 6x Gains
    • How Tenant CoVid Era Behavior is a Predictor of the Future
    • Legalized Marijuana: Its Impact on Your Rental Properties
    • Are You Missing an Important Rental Protection? by David Pickron
    • HOW FAR ARE YOU WILLING TO GO TO GET PAID? by David Pickron
    • Don’t Trust Your Property to Memory by David Pickron
  • Rent Perfect Podcast - #107094 70 Articles

    • Podcast: Ep. 88 Immigration and Housing: What you need to know (part 1)
    • Podcast: Ep. 87 The #1 Rule When Taking Applications
    • Podcast: Ep. 86 Finding the Right Tenant is Worth the Wait
    • Podcast: Ep. 85 2022- A Year in Review
    • Podcast: Ep. 84 Is Your NSF Policy Protecting You?
    • Podcast: Ep. 83 Being Quiet Helps You Avoid This Major Mistake
    • Podcast: Ep. 82 Down Market? Introducing the Partial Security Deposit.
    • Podcast: Ep. 81 Tenant On-Boarding Behavior Can Be A Telltale Sign
    • Podcast: Ep. 80 Statistics Show Tenant Criminal History Affects Ability to Pay Rent
    • Podcast: Ep. 79 Inflation Resistant Investing? Try Short-Term Rentals
    • Podcast: Ep. 78 The Right Tenant "Partnership" Makes Managing Easy
    • Podcast: Ep. 77 Stop and Listen Closely Before Accepting Prepaid Rent
    • Podcast: Ep. 76 Covid Killed Evictions But Now They Are Highly Contagious
    • Podcast: Ep. 75 Is Your Applicant Hiding Behind an Alias?
    • Podcast: Ep. 74 Does Your “No Smoking” Clause Include Vaping?
    • Podcast: Ep. 67 Should You Consider Section 8 in a Down Economy? Part 1
    • Podcast: Ep. 66 Why You Just Might Need a Landlord Coach
    • Podcast: Episode 67 Part 2 - Should You Consider Section 8 in a Down Economy?
    • Podcast: Ep. 73 New requirement for Adverse Action Notices from CPFB
    • Podcast: Ep. 59 Unlock this Power Through Associations
    • Podcast: Ep. 72 Are a Tenant's Guns Your Liability?
    • Podcast: Ep. 71 Should You Still be Investing in an Unstable Market?
    • Podcast: Ep. 70 ADA, FHA, Assistive Animal, and Reasonable Accommodation clearly explained.
    • Podcast: Ep. 69 Investing In Notes May Be The Answer In A Challenging Economy
    • Podcast: Ep. 68 Will Your Tenants Job Survive a Down Market?
    • Podcast: Ep. 65 Protecting Yourself From Fraud is This Easy
    • Podcast: Ep. 64 The Power Behind a Month to Month Lease
    • Podcast: Ep. 63 Why Screening Tenants Must Be Nationwide
    • Podcast: Ep. 61 Only A Landlord's Child Knows This Secret
    • Podcast: Ep. 62 Why You Should Be a Landlord P.I.
    • Podcast: Ep. 60 This One Thing Makes Being a Landlord Easy
    • Podcast: Ep. 56 These 5 Phrases Should Trigger Every Landlord
    • Podcast: Ep. 58 Buying With Your Tenant in Mind Leads to Larger Returns
    • Podcast: Ep. 57 When one applicant can be a threat to your property.
    • Podcast: Ep. 53 You Won't Believe How Much $ a Short-Term Rental Can Generate
    • Podcast: Ep. 54 Never Missing Rent Again is Easier Than You Think
    • Podcast: Ep. 55 Can You Remember Your Properties Condition When the Lease Started?
    • Will you be ready when the eviction moratorium ends? Expert landlord tips for what’s next.
    • Podcast: Can't Evict? Why Sending a Non-Paying Tenant to Collections Can Save Your Investment
    • The Benefits of Move-in and Move-out Inspections
    • Online Applications Save Landlords Time and Money
    • Ever Wonder What an Applicant Thinks About Rent Perfect?
    • Podcast: Ep. 52 Who knows your property better than you?
    • Podcast: Ep. 51 Landlords Can Be Real Tools (It's Not What You Think)
    • Podcast: Ep. 50 Celebrating our 50th Episode by Introducing the Rent Perfect Team
    • Podcast: Ep. 49 3 Key Questions to Ask When Showing a Property
    • Podcast: Ep. 48 Having a Detailed Rental Criteria Protects You
    • Podcast: Ep. 47 How to get your rent on-time, every time.
    • Podcast: Ep. 45 Top Landlords Become Master’s of Zillow
    • Podcast: Ep. 44 Put Being a Landlord On Cruise Control.
    • Podcast: Ep. 43 Tenant Broke Lease? Here's What's Next.
    • Podcast: 5 Important Steps To Prepare for the End of the Eviction Moratorium
    • Podcast: Ep. 37 Nosy Neighbors Should Be a Landlord's Best Friend
    • Podcast: Ep. 36 How Landlords Can Beat Government Regulations
    • Podcast: How to Properly Position Yourself as a Landlord to Ride the Investment Wave
    • Podcast: Should Landlords Consider Accepting Government Assisted Housing Vouchers?
    • Podcast-Why Finding a Tenant That Loves Your Property is Critical to Landlord Success
    • Podcast-There's More Joy in Being a Landlord, Than Just Collecting the Rent.
    • Podcast: How Legalized Marijuana Affects Your Rental Properties
    • Podcast: Why Every Landlord Should Have a Skip Trace Expert
    • Podcast: Property Inspections- Make Yourself Your Tenant's Priority and Get Your Rent!
    • Podcast: How a REIA Can Push Your Investing into Hyperdrive
    • Podcast: Lets Talk Renters Insurance
    • Podcast: Service and Assistive Animals: How to Comply with Fair Housing w/ Matt Koglmeier
    • Podcast: How to Manage Rental Properties During a Crisis (Like Covid-19)
    • Podcast: Strategy for New Investors and Landlords
    • Podcast: Marketing Your Property: How Words and Pictures Set You Apart w/ Scot Aubrey
    • Podcast: Resolving Tenant Conflicts in Five Easy Steps w/ Scot Aubrey
    • Podcast: Screening Process for Cook County Illinois Landlords
    • Podcast: Rent Perfect Introduces a New Way to Manage Your Vendor Relationships
  • Contact Customer Service 1 Articles

    • Business Hours

Popular Knowledgebase Articles

  • RentPay FAQ
    • 1562
    • 0
    • 0
  • Rent Perfect Online Lease Agreements
    • 9630
    • 12
    • 0
  • Rent Perfect's Payment Collection Platform: RentPay
    • 2772
    • 0
    • 0
  • Can I send one invite for a husband and wife to apply?
    • 5227
    • 1
    • 0

How to Read an Experian Credit Report

  • Date updated 2022-01-26
  • Comments 0
  • Rating
  • Categories
  • View Reports
  • Tags
  • reports
  • order
  • credit and background report
  • credit score
  • employment
  • history

How do I read a credit report?

Here are the most important factors to pay attention to on a credit report:

  • The credit score/credit score factors. what is a good credit score.
    The score reflects all aspects of the report that indicate whether or not the consumer is likely to pay their bills on time.  Higher the better, avg score for renters is about 625. Credit score factors point out key aspects of the report that brought the score down. Every report will have at least 4 factors.
  • The payment history. The payment history is found in the far right column of each section. The history will show if the consumer has been current with their payments (shown with the letter "C") or how many months late their payment was( "1, 2, 3, 4, etc"), or if the account is derogatory or in collections, reported as a "9." C's are good, numbers in the payment history indicate the payments were late or are now in collection status.

 

 

READING A CREDIT REPORT SECTION BY SECTION

 

READING A CREDIT REPORT CAN BE CONFUSING, SO LET'S START FROM THE TOP:


1. The Heading is at the very top right of the report. It contains the Credit
Bureau's information. The Credit Agency, their address, their phone number, and
the date the report was inquired upon.

PERSONAL INFORMATION


2. The next section of the report is the applicant's personal information. This
includes the Consumer's name, social security number, up to three different
addresses, date of birth (if available), and telephone number (if available).


TIP: Check the addresses against those submitted in the rental application. Do they
match? The addresses are located below the applicants Name with the most current
address directly below the applicants name and chronologically listed from there. The
employment and birth date information are located to the right of the applicant's
addresses and above the summary score. Former addresses and employment
information is inputted when a consumer applies for credit. Therefore it can or cannot be
a definitive verification of the last three residences or jobs.

EMPLOYMENT INFORMATION


3. This section of the report is the applicant's employment information. This
includes the company name, date hired (if available), income (if available),
occupation (if available), and separation date (if available).
TIP: Check the employment history against those submitted in the rental application Do
they match? The employment history may not necessary have the most current
information. Former addresses and employment information is inputted when a
consumer applies for credit. Therefore it can or cannot be a definitive verification of the
last three residences or jobs. . ALWAYS LOOK UP THE EMPLOYER PHONE NUMBER
YOURSELF

REPORT SUMMARY


4. Here is the overall summary of the applicant's credit history. This will tell you
the total number of accounts the applicant has, accounts that are still currently
active or negative or too new to be rated, accounts that are past due or paid off,
person(s) that have inquired upon the applicant's credit history, accounts that are
in collections or public records, total amount still owed, and a breakdown of the
amount.

SCORECARDS


5. The score summary, Experian/FICO, is above the applicants credit and trade
information and is the overall rating of the applicant's credit. Up to four factors are
disclosed and are displayed in order based on their relative impact on the final
score. Generally scores exceeding 625 are considered by banks as worthy of
loans. The lowest scores are in the low 400's and the highest scores close to 850
(Very few). Scores between 600 and 700 are very common and considered very
good. Most tenant applicants will fall between 550 and 650 credit scores. Scores
below 575 are considered a risk, and usually warrant further documentation or
higher security deposits if the landlord proceeds. (Note: No Hit means that the
consumer has no credit history whatsoever and nobody has even inquired upon
their credit history)
Number of accounts delinquent
Proportion of balance to high credit on bank revolving or all revolving accounts
Length of time (or unknown time) since account delinquent

COLLECTIONS
6. Identifies consumer accounts that have been transferred to a professional
debt-collecting firm. Collection information includes the name of the collection
agency providing the information, collector's kind-of-business designators, and
the consumer's account number with the collection agency. Also included is the
date the amount was charged off by the original creditor, date the information
was verified, the original dollar amount of collection, the balance owed as of date
verified or closed, name of the original creditor, and an explanation of current
account status as reported by the collection agency.

PUBLIC RECORDS
7.  Public Records
information consists of bankruptcies against a consumer.
This information will include original
filing date with court,discharge status and status date,
liability and asset amounts

TRADELINES
8. Under the trade lines portion of the credit report, creditors report the amount of
loans and credit cards with payment histories. The name of the creditor is in the
left column, the credit amount information in the center column, and the payment
history is in the right column.

PAYMENT HISTORY
9. On the far right hand side of the report is the consumer payment history for
the past 24 months. These codes reflect the monthly status of an account and
are displayed for balance reporting loans. Collections and charge-offs are not
graded. These codes stand for:

 

 

 

INQUIRIES
10. This portion of the report is named inquiries. This is a list of companies that
have inquired about the applicant's credit, usually for the purpose of extending
new or additional credit. Numerous inquiries lower the applicant's summary score
by about two points per inquiry.

WARNINGS/MESSAGES
11. The last portion of the report is for warning messages. This is a list of
messages that are about the applicant's credit, social security number,
name, and/or address.

Leave a comment?

0 Comments
Login
REGISTER WITH EMAIL

related articles

  • When will I be able to view my applicants credit report and background investigation results?
    • 3995
    • 0
    • 0
  • Credit Score Basics
    • 5175
    • 3
    • 0
  • Approved, Conditional and Do Individual Assessment
    • 5322
    • 2
    • 0
  • Applicant Copies of Credit Report and Background Report
    • 3640
    • 3
    • 0
  • Making Your Final Rental Decision
    • 2961
    • 0
    • 0
  • Sample Final Background Report From a Licensed Private Investigator
    • 4369
    • 0
    • 0
  • Assigning a Property Address to a Tenant
    • 3158
    • 0
    • 0
  • Liens and Judgments
    • 2384
    • 0
    • 0
  • How do I read a credit report?
Rate this article
Subscribe to alerts for this article below
Your email is now subscribed to alerts for this article
Your email is not subscribed to alerts for this article
Unsubscribe to alerts for this article below

Company Sites

Home

Knowledge Base Categories

  • FAQ Landlords
  • FAQ Tenants
  • Educational Articles - #107092
  • Rent Perfect Podcast - #107094
  • Contact Customer Service
  • -- All Categories --

Connect With Us

  • Rent Perfect
    Powered by LiveHelpNow customer support suite