Have you discovered an entry from AmRent on your credit report?
Credit card and loan applications aren’t the only things that require a hard inquiry.
Sometimes landlords run a credit inquiry as a part of their screening process for applicants.
If you’ve recently applied for residence at a new house or apartment, it could lead to a hard inquiry from AmRent.
What Is AmRent On Your Credit Report?
AmRent is a consumer reporting agency that specializes in obtaining the records of prospective tenants for landlords and rental companies.
Specifically, they supply some of the following data:
- Credit reports
- Criminal records
- Eviction data
- ID verification
- Employment/income authentication
This information helps paint a picture of an individual’s financial habits and overall lifestyle to determine whether or not they would be a responsible tenant.
AmRent provides its clients with exhaustive reports to help streamline their decision-making process.
How Do Hard Inquiries Work?
It’s important to distinguish between the two types of credit inquiries: hard and soft.
A soft credit check might occur when you use a service like Credit Karma to check your credit score.
A soft inquiry could also happen when you get quotes for a loan or credit card.
This type of inquiry basically verifies your score. As such, it doesn’t get added to your credit report or negatively affect your score.
Unlike a soft inquiry, a hard inquiry does lower your score, and it stays there for two years.
Hard inquiries are more invasive than soft inquiries, allowing lenders or businesses to obtain your full credit report.
A hard inquiry might occur when you apply for a:
- Credit card
- Apartment lease
- New job
A hard credit inquiry might impact any or every one of your credit scores, depending on which reports the landlord chooses to request.
So, how much does an inquiry lower your credit score?
One credit inquiry won’t likely lower your score too much, usually only dropping it by a few points.
However, if your credit report is chock-full of recent credit, loan, and residential applications, it throws up a red flag to the bureaus and can do more significant damage to your score.
To limit the effects of hard inquiries, try to:
- Check the approval odds before applying for anything that requires a hard inquiry.
- Submit all your applications for a specific type of loan within 14 days.
How to Remove AmRent from Your Credit Report
As you can see, one hard inquiry shouldn’t be too devastating to your credit.
However, if you never applied for a lease and submitted to a credit check, AmRent should not be on your credit report.
If you suspect identity fraud or a reporting error is to blame for AmRent’s presence on your report, here are two ways to get the inquiry off your report.
Dispute the Inquiry with AmRent and the Bureaus
Your first line of defense if you’re hit with an unsolicited hard inquiry is to dispute it.
Thanks to the Fair Credit Reporting Act, you have a total of 30 days to send a letter of dispute if an inquiry is on your report due to an error or identity fraud.
You should be able to clear up the situation by mailing AmRent a letter of dispute.
You may also dispute the debt with the credit bureaus, explaining the situation to them.
This method should lead to the removal of the hard inquiry from your report.
Staying alert to changes to your credit score is all but impossible without a credit monitoring service.
Since you only have 30 days to file a dispute, tracking your credit is crucial to getting inaccurate entries deleted.
If someone is using your identity fraudulently, credit monitoring can be vital to catching them early on and protecting your financial wellbeing.
There are plenty of great credit monitoring sites out there, and many of them are free.
Take a few moments to sign up for one of them if you haven’t already.
Reach Out to a Credit Repair Company
Repairing your credit can be a tedious task. If you need assistance getting inquiries removed from your credit report, you may want to pay for a credit repair service.
There are dozens of companies that specialize in helping consumers like you to improve their credit scores.
They can dispute inaccuracies on your report and get them deleted, but they can also assist you with more complex issues, like:
You’ll get a customized plan and top-notch assistance from a representative dedicated to your case.
If you want to take your score to the next level and don’t mind paying for help, a credit repair service is an excellent investment.
Getting AmRent Removed from Your Report
Sometimes, a slight drop in your credit score is inevitable.
Hard inquiries are an essential part of getting approved for funding, or in this case, for a new home.
If you recently submitted a rental application, you don’t need to worry too much about the accompanying inquiry.
It should only result in a small decrease in your credit score, and it will fall off of your report completely in two years.
However, if you didn’t apply for a lease and think Am Rent is on your report by mistake, you should dispute the entry ASAP.
If you need assistance, one of the top credit repair companies can help you get started.