FREQUENTLY ASKED
QUESTIONS
What is a credit report?
What is a good FICO score to get?
What is the average FICO score?
What is a good debt-to-income ratio?
What is a Consumer Disclosure?
What information is not included in my credit
score?
How does RICHMOND ROOMIES obtain my credit
information?
What information is included on the RICHMOND ROOMIES Criminal
Background Report?
What happens to my information after RICHMOND ROOMIES completes its
report?
Who has ownership of the RICHMOND ROOMIES VERIFICATION REPORT, once
it has been delivered?
Will I be able to review the RICHMOND ROOMIES VERIFICATION REPORT,
once it has been completed?
Who pays RICHMOND ROOMIES for the RICHMOND ROOMIES ROOMMATE
VERIFICATION REPORT?
Will RICHMOND ROOMIES have any determining factor in whether I am
approved for a rental?
What is a credit
report?
A credit report is one of the
primary tools that credit grantors use to make fair and accurate decisions on
whether or not to grant credit. It is a snapshot of your financial
trustworthiness.
A credit score is: - An objective
summary of the information contained in your credit report at a particular point
in time.
A FICO score is a numerical
“snapshot” of your credit risk at a particular point in time. The FICO score is
a three-digit number that lenders use to help them make decisions. A higher FICO
score indicates better credit quality to a lender.
What is a good FICO score to
get?
Since there is no single FICO
score “cutoff" used by all lenders, it's hard to say what is considered a good
FICO score. Each lending decision has different criteria. For example, a FICO
score of 750 may qualify you for a platinum credit card, whereas a FICO score of
675 may indicate you're a better match for a standard card. Your lender may be
able to give you guidance on the criteria for a given credit
product.
What is the average FICO
score?
FICO scores range from 300 to
850, with the majority of FICO scores in the 600's and 700's.
What is a good debt-to-income
ratio?
Most lenders will require you to
have a debt-to-income ratio between 20-30% in order to grant you the best deals.
You can evaluate your debts using our online Debt Analysis product. In order to
reduce your debt-to-income ratio you can try paying off small loans, reducing
your credit card balances and increasing your income by co-signing with a spouse
or relative.
What is a Consumer
Disclosure?
A "Consumer Disclosure", also
referred to as a "Personal Credit Report" is all the information in your credit
file maintained by a credit reporting company at the time of your personal
credit report request, including a record of everyone who has received
information about you ("inquiries") from the credit reporting company. You are
entitled to receive a copy of your consumer disclosure under Federal
law.
What information is not included in my credit
score?
The information that is not
included in your credit score is:
- Your race, color, religion,
national origin, sex and marital status
- Employment information
- Where you live
- Any interest rate being charged
on a particular credit card or other account
- Certain types of inquiries
including:
- Inquiries from you requesting a copy of your report,
- Promotional inquiries (requests made by lenders in order to
make
you
a “pre-approved” credit offer)
- Account review inquiries (requests made by lenders to review
your account with them)
- Inquiries posted for employment purposes
How does RICHMOND ROOMIES obtain my credit
information?
When RICHMOND
ROOMIES receives a signed RICHMOND ROOMIES ROOMMATE CREDIT AUTHORIZATION
Does RICHMOND ROOMIES give a copy of my personal credit
report to the
individual(s) I am seeking
to rent from?
No. When you sign the RRRCAF, you
are authorizing RICHMOND ROOMIES to review your credit report. Based on privacy
laws, RICHMOND ROOMIES is not authorized to release a credit report to a third
party. Only RICHMOND ROOMIES will
have access to your credit report.
When RICHMOND ROOMIES completes a
ROOMMATE VERIFICATION (Credit, Employment, Leasing and Criminal), all four
categories of information are reported on the RICHMOND ROOMIES ROOMMATE
VERIFICATION REPORT (RRRVR). Your individual FICO Credit Score will be displayed
on your credit report. RICHMOND
ROOMIES will then place this number in a fluctuating category on the RRRVR. This
categorizing will be the sufficient information needed to determine your credit.
The Employment category will answer yes or no to your salary, length of
employment and employment status. The Leasing category will answer yes or no to
the length of time you lived at your previous address, your payment history and
your standing position with your previous landlord. All information verified
will be based against information provided on the RRRCAF.
What information is included on the RICHMOND ROOMIES
ROOMMATE CRIMINAL BACKGROUND REPORT?
RICHMOND ROOMIES will answer
certain informational questions listed on the RICHMOND ROOMIES ROOMMATE CRIMINAL
BACKGROUND REPORT APPLICATION. These points will answer yes or no to the
following: misdemeanor(s), felony(s), current arrest warrant(s)/capias' (writ of
capias), prior convictions and any lengths of incarceration. These questions
will be based against information provided on the RICHMOND ROOMIES ROOMMATE
CRIMINAL BACKGROUND REPORT APPLICATION. Please note, every RRRVR will include a
Virginia Sex Offender Registry Report, at no cost.
What happens to my information after RICHMOND ROOMIES
completes its report?
During the verification process,
none of your personal credit report is ever printed. This information is always
verified directly from secure information networks. RICHMOND ROOMIES will keep a
client record for each report. This record will simply consist of duplicate
information contained in the RRRVR.
Who has ownership of the RICHMOND ROOMIES VERIFICATION
REPORT, once it has been delivered?
The ownership of the RRRVR lies
with the individual who ordered and paid the service fee for the
report.
Since the ownership of the RRRVR
lies with the financial barer, it is at sole discretion of the individual(s) to
allow a second party review of the report.
Who pays RICHMOND ROOMIES for the RICHMOND ROOMIES ROOMMATE
VERIFICATION REPORT?
RICHMOND ROOMIES' service fee is
most always paid by the individual(s) offering the rental. However, the individual(s) offering the
rental may or not, include this fee in a rental deposit or first month's rent.
This is at sole discretion of the individual(s) offering the
rental.
Will RICHMOND ROOMIES have any determining factor in whether
I am approved for a rental?
RICHMOND ROOMIES will verify the
information on the RRRVF. Once the verification process is complete, RICHMOND
ROOMIES will then have completed its involvement. The approval of a rental lies
solely with the individual(s) offering the rental. RICHMOND ROOMIES will not
make recommendations for approval.
Copyright 2008 RICHMOND ROOMIES, Grand Heritage Realty
Referrals, LLC All rights reserved worldwide.
RICHMOND ROOMIES and
the RICHMOND ROOMIES logo are registered trademarks of RICHMOND
ROOMIES.
