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Thread: Damage to rental property lowers your credit score?

  1. Team Rocket
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    #1

    Damage to rental property lowers your credit score?

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    Yesterday DH was told by someone that if you have damage to your rental property that exceeds your security deposit amount, it gets reported on your credit history and lowers your credit score. I've never heard of this before, is it true?
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  2. The Dude Abides
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    #2
    If you have renters damage your property or if you cause damage to your rental property? I'd be interested in hearing the answer to this as well.
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    #3
    Quote Originally Posted by Sarahcuda View Post
    If you have renters damage your property or if you cause damage to your rental property? I'd be interested in hearing the answer to this as well.
    If you are the renter and cause damage. DH & I were refunded our security deposit for being long-term, good standing residents (9 years by the time our lease is up) so now we have a security deposit amount of 0$, so ANY damage should be reported and lower our credit score, if this is true....
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    #4
    Maybe if your sued by the landlord and don't pay?
  5. MilitarySOS Jewel
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    #5
    Quote Originally Posted by *Meg* View Post
    Maybe if your sued by the landlord and don't pay?
    I think its this since it is a public record and a collections report.
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    #6
    No.

    It would only go on your credit report if there were damages outstanding (not covered by any deposits) and you refused to pay and then were sued or sent to collections by the landlord. If you ruin the carpet and owe $1000 over your deposit and you pay, there is no issue. If you refuse to pay and the landlord is out $1000, then if he pursues the matter, it might end up becoming an outstanding debt, and that might make its way to your credit report. Basically, pay what you owe and you'd be fine.
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    #7
    Ah ok. I think DH must not have been listening to the whole story then because the way he described it to me said that any damages would be reported. I was like really???
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    #8
    Thumbs up!

    Quote Originally Posted by villanelle View Post
    No.

    It would only go on your credit report if there were damages outstanding (not covered by any deposits) and you refused to pay and then were sued or sent to collections by the landlord. If you ruin the carpet and owe $1000 over your deposit and you pay, there is no issue. If you refuse to pay and the landlord is out $1000, then if he pursues the matter, it might end up becoming an outstanding debt, and that might make its way to your credit report. Basically, pay what you owe and you'd be fine.
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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    #9
    What vanilla said with one addition. There are reporting agencies that collect and report non financial history to subscribing landlords which report such information as evictions, criminal background, etc. They may also collect excessive damage history if landlords report it.
    If you ever get rejected by a landlord you may have a right to request the reports used and get them free from the reporting agency.
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