As we approach the end of the year, many people are planning to move.  Their credit rating and scores are probably not on the top of their list of concerns.  Usually they are focused on the logistics of the move and getting their deposit returned. 

However, we see numerous credit reports with collections and judgments stemming from past rentals the consumer had.  With the increasing emphasis on credit scores in our society, including rental and employment applications, as well as home and auto loans, it is important for people to take every step possible to protect and build their good credit.  Check out and use these tips from a previous article on our site:

What To Do When Leaving a Rental Property:
1) Take pictures (with date stamps) of the empty house or apartment during the final walkthrough with the landlord.
2) The final receipt showing your last payment should state “Paid in full as agreed, zero balance due.”
3) If leaving the lease early, and someone from the management company says there will be no penalty, no fees and no further money due, get all of that in writing with an employee signature and a date on it.
4) Do not leave the keys with someone else to turn in for you.  Do everything in the official exit process yourself.  Until you have your signed exit papers, you are not free and clear.
5) Request a specific date for your deposit to be returned by.  Leave a forwarding address for your deposit to be mailed to.  If necessary, set an appointment, in writing, to go back and get your security deposit.
 

What To Do Before Renting:
1) Get a copy of your credit report to assure complete accuracy and no surprises.
2) Read the entire lease agreement, even the small print.  Remember – no surprises.
3) Request a clause in the lease allowing for early termination with no penalty in the event of job transfer or reduction, medical issues, home purchase or other possible events that may be applicable.
4) If something is explained verbally that differs from the lease, get it in writing from the landlord, with date and signature.
5) Any payments in cash should have a detailed cash receipt; keep a copy of all cash receipts.

You can read this article from June 2009 for more information.  The most important thing to remember for any financial transaction is to GET IT IN WRITING and then keep a copy of that written document.

A Credit Check-Up from Complete Credit Services can provide specific details on how to build your credit scores based on your current information and accounts.  This may be the year to stop renting and become a home owner.  Your good credit can make that happen.

NOTE:  All of the above is for credit building information and personal reference only and should not be taken as legal advice.  Seek legal counsel with specific questions pertaining to leases and landlord/tenant law in your city and state. 

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