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How can an eviction effect your credit score?

By in American Dream with 0 Comments

Not being able to find a place to live can be a very stressful situation bringing mothers and fathers with children into tears and in some cause thoughts of irrational behavior. Such situations are one of the causes pf parents giving up custody of their children and living on the streets.

Getting evicted from an apartment of a business establishment that that is solely in your name can have a negative effect on your credit score and history. If a landlord obtains an eviction judgment against you, it can come back to haunt you later down the line.

Being ruled against by a judge in favor of a landlord and finalized is therefore reported to the 3 major credit reporting agencies which are Transunion, Experian, and Equifax. The 3 agencies receive a notice of the eviction. At the stage of reporting to the 3 agencies, the information becomes public record for businesses and other institutions to see and even landlords. Collections are listed in the public records section of your credit report.

If a tenant does not pay rent and it is passed over to a collection agency, it will remain on your credit report for 7 long years from the original delinquency date.

If you become evicted from a property, it will be difficult to qualify for a new rental and other similar products and services.

Also, many landlords use screening companies will take a look at future tenants looking to rent. These companies inform landlords and management companies of past evictions with or without a credit check.

These screening services track where the tenant have lived such as what City, state, and neighborhood. According to Transunion, very few landlords are willing to lease to a tenant who has been evicted from a rental and who has not made an effort to pay off debt.

In the United States, the American Dream has been almost forgotten. A firm called Mills Realty located in Chicago Illinois has made the move to execute a very ambitious plan to pump out the American Dream to families all over the Nation regardless of color, creed or circumstances of birth.

Mills Realty propose that “The American Dream” of the United States, the set of ideals, rights, liberty, opportunity, and equality in which the ADS provides freedom and includes the opportunity for prosperity and success, and an upward social mobility for every US family and children the programs helps families to achieve success with few barriers. The ADS helps to eliminate housing discrimination and promote economic opportunity to develop diverse inclusive communities.” Life should be better and richer and fuller for everyone, with opportunity for everyone.” regardless of social class, nationality or circumstances of birth.
After the completion of the first stage of the program, the financial literacy, the buying process, and the purchase procedures programs will begin. These programs will begin after the credit session which will be a 2-month session. Altogether the American Dream Program is a 6-month program.

Disclaimer 

By Edward S. Winfrey CMO of Nikindi Business Solutions 

www.NBSGlobal.biz

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About The Author
Edward Winfrey

Edward S. Winfrey is the Founder/CMO of Nikindi Business Solutions (NBS Global). NBS Global is a marketing Consulting firm located in Chicago Illinois. We at NBS Global specialize in everything in the marketing dimension. We conduct all marketing activities and also function as an external marketing department for some firms. An "external marketing department (EMD)" is when a consultant firm develops a marketing department for the purpose of establishing a marketing department to later turn the duties over to group of new internal employees who will become the primary MKT department once they are trained properly on the new activities, strategies and tactics that were designed and created my the consultant firm.