What’s the Impact of Late Rent Payments on Credit and Rental History?

When you make late rent payments, there could be consequences for it. Not only could you end up paying late fees to your landlord, but this tardiness can also end up affecting your credit score and adversely impacting your rental history. If you don’t want to run into housing problems down the road, you should try to pay on time and talk to a New York City rent dispute lawyer if you need help addressing an argument with your landlord.

How Can I Avoid Late Rent Payments Ending Up on My Record?

There are rules about how landlords must inform their tenants about late rent payments and how tenants should respond. You should receive a notice from your landlord about paying your late rent and any late fees you have accumulated. Pay this money within 30 days, and you should not have to worry about a late payment affecting your record.

Can a History of Late Rent Payments Hurt My Credit Score?

However, if you do not make your payment within 30 days, that can be reported to the credit monitoring agencies that give you your credit score. Each late payment can affect your score and make it harder to secure housing in the future. A future landlord can also look at your rental history and determine that you are not the kind of tenant they want to have. Late payments can stay on your record for up to seven years, so paying in full before the 30-day grace period expires or working something out with your landlord is a necessity.

How Do I Know If Late Rent Payments Were Reported?

If you are not sure if your late rent payments have been reported to credit reporting agencies, check your lease. It might contain information about the landlord’s policies for reporting such payments,

There might not be a provision in your contract about this, but your landlord might still be reporting those late rent payments. Our advice is to just ask if they report them. They should be able to give you a straight answer so that you know what to expect.

What Can Be Done to Raise My Score?

Having a low credit score can hurt your chances of getting that dream apartment, especially in a busy city like NYC where desirable apartments can be snatched up in a moment. If you want to make sure that you still meet the requirements of brokers and landlords, you should look for ways to pay down debt, make all bill payments on time, and seek out additional lines of credit. All of this can help you boost your credit score.

Talk to Our Tenants’ Rights Lawyer

So if you have any kind of rent-related dispute with your landlord, you might need some additional assistance. Contact Robert Rosenblatt & Associates to schedule a consultation with our team. If we think that we can help you with your issue, we’ll get right to work on forging a deal between you and your landlord.