What is RentGrow on My Credit Report?

Are you concerned about a new RentGrow entry on your credit report?

When you apply for a mortgage, you may anticipate seeing a hard inquiry on your credit report, but you might be startled to find the same entry when you want to rent an apartment.

If you just applied for a new rental property, your landlord may have run a rigorous credit check during the application procedure. If this is the scenario, it may have little influence on your credit.

What Is RentGrow?

RentGrow assists property management firms with tenant screening. Their background checks will look at your credit history, criminal record, and rental history.

RentGrow was bought by Yardi Systems, Inc., a property management software firm, in 2010, and the company was renamed Yardi Resident Screening before returning to the name RentGrow in 2017.

RentGrow appears on your credit record because a landlord is doing a credit check on you. They may do this if you are looking for an apartment, cosign another person’s rental application, or want to extend your current lease.

RentGrow is a company that acquires consumer credit records on behalf of landlords.

They might appear on your report for any of the three reasons listed below:

• You applied for a new flat.
• You acted as a guarantor/cosigner on another person’s application.
• Your lease on your apartment was just up for renewal.

A hard inquiry may be issued if you apply for new leasing, extend your present one, or agree to be a cosigner on someone else’s application.

Why Is There a RentGrow item Shown In Your Report?

RentGrow is most likely showing up as an inquiry on your credit record. There are only two possible explanations for this:

1. Your Credit Has Been Checked

RentGrow will appear on your credit report if a person or business utilizes one of the company’s products to do a credit check on you.

Prospective employers, creditors, and tenants frequently utilize screening products and services to reduce the risk associated with contracting. Based on the screening provider and the cause for the background check, the reports they receive may contain various information. 

However, the fact that RentGrow appears on your credit record indicates that the background check included a review of your credit history.

2. It Might Be An Error

If you simply can not understand why RentGrow would show as a credit inquiry on your credit record, it’s probable that RentGrow or the credit agency misidentified you. It might also be an indicator of identity theft in some circumstances.

If you feel that your identity has been stolen, you must take the following steps:

• Contact RentGrow and collect information on who hired their assistance and why.
• Inform the Federal Trade Commission about identity theft (FTC). To produce an identity theft report and recovery plan, go to www.identitytheft.gov and answer the questions.
• Contact the three major credit agencies (Equifax, Experian, or TransUnion) and request that a fraud alert be placed on your credit record.

You have to call one of the three credit bureaus and request that a fraud alert be put on your credit record. The bureau you call will work with the other two to coordinate your fraud notice, and all three will acknowledge it.

Monitor your credit reports carefully to detect identity theft as soon as possible. The earlier you disclose it, the less harm there will be.

How RentGrow Inquiry Affects Your Credit Score?

This kind of inquiry determines how your RentGrow inquiry impacts your credit score. On your credit report, you may see two sorts of inquiries:

1. Hard Inquiries

If you apply for new credit, such as a conventional car mortgage, your credit report will show a hard inquiry. Hard inquiries are distinct. Rather than validating your credit score, they allow lenders and service providers to view your credit reports in their entirety, providing them with a complete picture of your credit history.

They can, however, occur when you apply for a new flat if the tenant has a more strict verification process. Even though a hard inquiry is recorded on your credit report, it is one of the least significant types of entries.

2. Soft Inquiries

Suppose your credit was reviewed for purposes other than credit applications, such as job screenings or to preapprove you for an installment loan or other sort of credit. In that case, you’ll notice a soft inquiry on your report.

Soft inquiries can be generated by the following:

• Check your credit score
  
• Pre-approval for a loan or credit card
  
• Online quotations
  
• Application for Rental
  
• Application for a Job

These queries do not affect your credit score and are not recorded on your credit report.

The primary distinction between soft and hard inquiries is that hard inquiries lower your credit score by several points, but soft inquiries do not affect your credit score.

The extent to which a hard credit pull impacts your score is determined by your credit history and the date of the query. Hard inquiries normally result in a minor decline in your FICO or VantageScore credit score, but the impact should only last a year. Furthermore, they will not be kept on your credit record for more than 2 years.

Final Word

If RentGrow appears on your credit record, it signifies that a person or corporation utilized RentGrow’s services to do a credit check on you. If RentGrow prompted a hard inquiry, your credit score would most likely suffer a little, temporary reduction. Soft inquiries have no negative impact on your credit score.

If you believe the RentGrow inquiry on your credit report is incorrect, you may have it removed by disputing it with the credit agencies or using a credit repair business. In case you suspect your identity has been stolen, submit a complaint with the Federal Trade Commission.

The best you can do for your credit is to focus on raising your score with your credit. There are also paid businesses that can record your consistent rent payments to credit agencies, significantly enhancing your score.

If you did not submit any requests that may have resulted in an inquiry from RentGrow, the FCRA should make it simple to remove them from your record.