Planning to get a move into a new home? Do you prefer to lease rather than buy or rent? Then invitation Homes might be the place for you, But are you worried about what credit bureau to report to if you need financing on your planned partnership with Invitation Homes? In this article, we shall consider the credit bureau that is mostly applied by the home- leasing company, Invitation Homes. So what credit bureau does Invitation Homes use?
Invitation Homes mainly uses TransUnion for all its credit correspondence. TransUnion is a credit bureau that collects data on the creditor from various credit facilities as well as other data collection sources. The information is processed through an algorithm which then gives a final number (credit score). It then forwards its findings to the lender or agency. They thus, do not make the decision to advance credit but rather provide the lender with enough information to adequately guide their decision to advance credit.
The decision to advance credit is based on credit score. The credit score is a number between 300(lowest) and 850(highest) which reflects creditworthiness. The higher the score, the more creditworthy a person is. The score reflects a person’s credit history has been excellent if not exceptional. Various considerations other than merely the person’s credit score are considered since a low credit score may be influenced by other factors such as a lack of previous credit history.
Invitation Homes does not have a recommended credit score for them to allow a person to apply for their homes. However, it does go without saying that a better score will give you an upper hand. This is because it reflects a good credit history and reflects higher chances of a smooth relationship with the creditor. A low credit score does not however always mean that one is not eligible to apply for Invitation Homes. This is because a person who has little or no credit history is likely to have a lower credit score.
Who is Invitation Homes?
Invitation Home is a company that leases single-family homes across America. With over 80,000 homes in 17 different markets, the customer has a variety of options to choose from depending on their preferences. The various markets available provide the buyer with a variety to choose from in the various different locations. The locations provide unique sceneries and topography.
To apply for their services, log in to the website (invitationhomes.com). It may prompt you to provide information about yourself including your credit history, leasing history, income, and your criminal record (if any within six years prior to application). You will then proceed to a step-by-step application process on the website. You should be able to smoothly make your application if you have provided the correct information as requested.
How do I increase my credit score?
In case you are wondering how to ensure you have an upper credit score despite little credit history, your rent payment may come in handy. If you make your rent payment on time, you could liaise with your landlord (or lady), so that every time you pay to rent it reflects in credit bureaus. This information often does not appear on the credit report unless you start sharing it with the credit bureaus. A study by TransUnion in 2017 showed that scores moved up by up to 16 when people started reporting their rent reports.
Even without your landlord doing it, you may independently report your rent payment. For this, however, the credit bureau may have to contact your landlord to verify that the information you have provided is accurate.
Frequently asked questions
- What credit score do I need to apply for a home with Invitation Homes?
There is no specific number required for your Invitation Homes application. Favorable credit history and no open bankruptcy is however likely to give a greater advantage.
2. Can I purchase a home using Invitation Homes?
No. unfortunately, Invitation Homes is a leasing company. It is only involved in letting outhouses on leases rather than for sale.
3. Which platforms can I use to report my rent payment?
There are various platforms that have been established to enable people to report their rent payments. If you are doing it independently, you may use; Rent Reporters, Rental Kharma, LevelCredit, RocktheScore, Esusu Rent, CreditmyRent, PaymentReport, or Pinata. If your landlord is already doing it, you may use ClearNow or PayYourRent.
4. How does TransUnion determine my credit score?
Since it is a data collecting agency, it collects data about previous credits advanced to the creditor. It then uses the FiCO® algorithm to compare all the data and finally come up with a final number reflecting your creditworthiness. The platform considers factors such as loan payment history, debt burden, credit history, variety of credit and hard credit pulls.
