As a person’s financial profile changes, so does their score. Their credit score can be adversely affected by missing payments, using too much available credit, defaulting on accounts and applying for too much credit within a short time period. WHAT A CREDIT SCORE DOESN’T TELL YOU: PART 1 There are several sections included in an AAOA credit report, each one full of detailed information to help you make an educated decision about your rental applicants:
Credit Summary You’ll get a 7-year credit history with: • Name and date of birth. • AKAs and Social Security Number. • Current and past addresses. • Current and past employers.
• Number of hard inquiries, collections, past-due accounts and public records.
Scorecard The Resident Score 2.0. is specifically designed for landlords and is somewhat different than FICO score. Key negative factors in calculating the score will be itemized. Collections The details of any accounts placed in collection will be listed in this section. • Total high credit, mortgage amount, total account balance, etc. • Percentage of credit available. • Collection agency name and the date account was assigned for collection. • Name of creditor, amount owed and what type of account it is. • Date the account was closed and the status of the debt.
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