Unlocking the Mystery: How AI Legalese Decoder Can Clarify the Impact of Collections on Renting Ability
- May 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Concerns about Credit Reports and Collections
I currently have multiple collections open that I knew existed but didn’t anticipate showing up on my credit report. Despite monitoring my credit with Credit Karma, only one of these collections is currently affecting my credit score.
## Impact on Apartment Application
As I am in the process of applying for an apartment that I really want, I am concerned about how these collections may affect my chances. The combined total of all the collections amounts to $6500+, and I worry that this may create a negative impression.
## Health Issues and Financial Circumstances
Over the past two years, I have been to the ER approximately 10 times due to a persistent bladder/urinary tract issue that has not resolved. As an independent contractor without health insurance, I have incurred significant medical bills as a result. While I acknowledge the mistake of not having health insurance, I became an independent contractor at a young age and did not anticipate needing frequent hospital visits.
## AI Legalese Decoder Assistance
The AI Legalese Decoder can be helpful in this situation by providing insights and guidance on how landlords typically view collections and credit reports in the context of rental applications. By using this tool, I can better understand how to address any concerns that may arise during the apartment application process and increase my chances of securing the apartment I desire.
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They absolutely can. Whether they will depends on who is running your paperwork and what risks they’re willing to take.
It can. many landlords require background checks or run credit reports.
You may find these links helpful:
– [Dealing with collections](/r/personalfinance/wiki/collections)
– [Credit Repair](/r/personalfinance/wiki/credit_building#wiki_i_have_bad_credit.2C_and_i_am_looking_to_repair_it.)
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In my area landlords focus more on the score than the accounts. I think the limit is 625 here.
Only the one on your credit report matters (unless you tell them about the others). But CK only shows you 2/3 major credit reporting agencies, it’s *possible* (but unlikely) that other collections are reported to the third bureau only.
But also the major credit reporting agencies have said they will stop showing medical collections for under $500, which might apply to some of yours.
>During this time I was and still am an independent contractor so that means no health insurance.
You can buy insurance on the exchange. (Since you’re 21 you could possibly still be on a parent’s plan too, but maybe that isn’t an option for you.)
Absolutely. But also, it depends.
Landlords that don’t run credit and background checks are out there. They’re mad men, but they’re out there. If you find one of those then it won’t matter because they’ll never know.
Then we get to the landlords that do the basic screening (The vast majority). Generalizing here but:
The bigger landlords/property managers will have pre-defined screening criteria. i.e. Credit score over 650, gross income at least 2.5x monthly rent, no convictions for violent crimes, **no defaults/nothing in collections**, no evictions, etc. If you fall through that screen then you’re out.
Smaller private landlords will sometimes have screening *guidelines*. When I first started out I really liked the idea of giving people a second chance if I could. So if I got an applicant with trashed credit but it was because of medical debt and they were paying all of their other bills on time or if it was a repo or eviction from half a dozen years ago but they’ve obviously been working hard to get their lives on-track since then then I would sometimes take a chance on them.
If your credit report is really bad then you’re hoping for either the no-screen nutcases or the landlords willing to make exceptions depending on your circumstances. Otherwise, you’re going to need a cosigner.