Are you curious about a new entry from RentGrow on your credit report?
While you might expect to see a hard inquiry on your credit report when you apply for a mortgage, you might be surprised to discover the same type of entry when you apply to rent an apartment.
If you recently applied to live in a new rental property, there’s a chance your landlord ran a hard credit check during the application process.
If so, it could have a small impact on your credit.
Read on to learn more about RentGrow, how hard inquiries affect your score, and what you can do to get an inaccurate inquiry off your report.
RentGrow On Your Credit Report
RentGrow is an agency that obtains consumer credit reports for landlords.
They could be on your report for any one of the three reasons below:
- You applied for a new apartment
- You served as a guarantor/cosigner for someone else’s application
- Your apartment lease was recently up for renewal
When you apply for a new lease, extend your current one, or agree to be a cosigner for someone else’s application, you could be hit with a hard inquiry.
While many landlords only run a soft credit check when you apply for new housing, others will opt for a hard inquiry from an agency like RentGrow.
The information in your credit report can help them to determine how dependable you are as a borrower, which can indicate your likelihood of keeping up with rent payments.
When you apply for a new apartment, the application should say whether or not a hard inquiry is required.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How Does a RentGrow Hard Inquiry Affect Your Credit?
Before we delve into RentGrow’s inquiry, it’s crucial to understand the difference between hard and soft inquiries.
Soft inquiries can be prompted by:
- Credit score check
- Pre-qualification for a loan or credit card
- Online quotes
- Rental application
- Job application
These inquiries don’t do any damage to your score and don’t get added to your credit report.
Hard inquiries are different.
Rather than verifying your score, they let lenders and service providers see your credit reports in their entirety, giving them a comprehensive look at your credit history.
Hard inquiries typically occur whenever you apply for funding, including mortgages, lines of credit, credit cards, and more.
But they can also happen when you apply for a new apartment if the landlord has a more stringent vetting process.
Even though a hard inquiry goes on your credit report, it’s one of the least impactful kinds of entries.
At most, it’ll likely only drop your score by a couple of points, and it will get deleted from your report in two years.
A word of caution: While one credit inquiry is nothing to fret over, try not to stack up too many. A credit report with several hard inquiries at once can signal financial instability to potential lenders.
And a few points here and there can accumulate quickly, hurting your score more significantly.
How to Get RentGrow off Your Credit Report
If you applied to rent a new house or apartment recently, or your lease was up for renewal near the time of the hard inquiry, you probably won’t be able to get it off your report.
The best approach to legitimate hard inquiries is to let them fall off your report naturally.
However, if you didn’t do anything to trigger a credit inquiry from RentGrow, you need to get it off your report ASAP.
Not only is it damaging your score unnecessarily, but it could be a sign of identity theft.
Here are a few tips to help you get the hard inquiry off your report.
File a Dispute with RentGrow and the Bureaus
Your first step when a questionable inquiry is added to your report is to dispute it.
Both RentGrow and the credit bureaus should help you get the inaccurate entry off your report.
Hard credit inquiries can impact any one of your credit scores, or all three of them.
As such, you need to dispute the inquiry with every credit bureau that is displaying the entry from RentGrow on their reports.
The Fair Credit Reporting Act requires the credit bureaus to investigate disputes in a timely manner.
They have 30 days to look into a dispute once you file it.
If they find that it’s fraudulent or inaccurate, they’ll remove it from your report.
You can submit a letter, report the dispute online, or call the bureaus to start the investigation.
In addition to disputing the entry with the bureaus, you should contact RentGrow.
The agency encourages individuals with erroneous entries to contact their Consumer Relations Team at 800-898-1351.
RentGrow should be able to give you helpful information about the application that triggered the inquiry, helping you to determine whether a reporting error or identity theft is to blame.
Monitor Your Credit
Tracking your credit is incredibly important.
Since you only get one copy of your actual credit reports each year from annualcreditreport.com, staying on top of your credit is all but impossible without the help of a credit monitoring app.
With a free app like Credit Karma, you’ll get:
- Frequent score updates
- New entry alerts
- Resources to improve your score
- Specialized offers
Get in Touch with a Credit Repair Company
You can get a hard inquiry deleted from your report on your own, but you don’t have to tackle fraudulent entries by yourself.
If the thought of going back and forth with RentGrow and the credit bureaus doesn’t appeal to you, you might want to hire a credit repair company.
They’re staffed with experts who have a proven track record of success improving people’s credit.
Whether your biggest concern is a hard inquiry or you’re battling lots of credit problems, they’ll have your back.
Here are a few of the credit issues they can help out with:
- Bad payment history
- Charge offs
- Debt collectors
They’ll help you create an actionable plan for improving your credit, getting inaccuracies off your report, ASAP.
If you glossed over the fine print in your rental application and missed the part where you consented to a hard inquiry, there’s no need to beat yourself up.
Hard inquiries are to be expected on anyone’s credit report. They’re essential to getting approved for credit, loans, and in this case, a home.
The best thing you can do for your credit now is to work on improving your score using the credit available to you.
There are even paid services that will report your faithful rent payments to the credit bureaus, which can improve your score substantially.
If you didn’t submit any applications that could have led to an inquiry from RentGrow, getting them off your report should be easy thanks to the FCRA.