Free credit report

You are entitled to receive one free credit report every year. If you have already taken advantage of this opportunity, credit.com offers a number of inexpensive options.

Your FICO score is critical in your quest to get your dream NYC apartment so it is important that you understand it. The most important item in your financial resumé today is your credit score. Almost all New York landlords treat the FICO score as the most critical component while deciding on your application. A FICO score ranges on a scale from approximately 300 to 850. The median FICO score is around 720; scores above 725 are considered “good” while scores below 600 are considered “bad.” If your FICO score is less than 600, it is highly likely that the landlord will ask for six months rent as a security deposit.. Get one of your roommates to apply or use a parent/relative as a guarantor.

Suze Orman’s FICO Kit is actually a great choice for learning about managing your personal credit risk and how to improve your FICO scores over time.

More recently, all three credit bureaus have aligned their data to allocate one uniform credit score – VantageScore -- for you across all three agencies. This new score ranges from 501 to 990. VantageScores are not yet available for consumers to purchase. Only businesses have access to the VantageScore at this point.

Your financial habits are monitored by the three national credit reporting agencies: Equifax, Experian, and TransUnion. They may each report a different FICO score for you. This is typically because different reporting agencies have access to different parts of your credit history. Every month, financial institutions or creditors send them credit files which include your account numbers, your types of credit (e.g. mortgages, credit card loans, automobile loans), your outstanding balances, collection actions taken against you, and your bill-payment histories.

These credit records also include information supplied by you (primarily from filling out credit application forms), as well as public records such as bankruptcies, court judgments, overdue child support, foreclosures and liens. So, if you skipped paying rent to your last landlord, odds are it will show up on your credit report when you apply for an apartment in New York. By law, credit bureaus can list negative information for seven years. Many national and international creditors, such as banks and department stores, are registered with all three CRAs. Lenders supply the CRAs with information about your customers and in turn have access to credit records.

If you have a FICO score below 600, you should avoid credit repair scams and educate yourself by reading what the Federal Trade Commission says about building better credit.

The government allows you to request a free credit report by phone or mail:
Toll-free number: 877-322-8228
Mailing address: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281
Requests by phone or mail are processed within 15 days of receipt.

To remove your name for either two years or permanently from unsolicited offers for credit and insurance from the lists compiled by Equifax, Experian and Trans Union, call toll free: 888-5OPT-OUT [888-567-8688]