What if I do not have any credit?

If you've never had a credit card, loan, mortgage, or credit extended to you in one form or another, you won't have a credit score on your TransUnion report. This can make it harder to rent property. But no credit is better than having bad credit from missed payments or other problems.

What can be done?

We suggest you communicate your situation to those who may need to know; your agent, the landlord, and their agent. Being open and upfront can oftentimes be helpful. If possible, we suggest providing other information to support your application for the tenancy.

• A letter from your employer that includes employment history and information about salary.

• Bank statements showing deposits and cash flow

• Favorable letters of reference from a current and/or prior landlords

A note about credit scores. Not everybody has one.

To have a score, consumers must have active credit. This means they must have had credit extended, and activity surrounding the credit must have occurred at least once during the past six months. If there has been no credit activity in the past six months, the score will no longer appear on the credit report. A credit score is based on how consumers use their credit, so a credit score cannot be generated if no credit is being used. 

The lack of a score may NOT indicate bad (or good) credit. Consumers who have excellent credit, pay all their bills on time, and currently have no debt—not having used their credit for 6 months or longer—will not have a score. Consumers with a poor payment history or lost access to their credit privileges will not have a score after 6 months. 

Credit scores change constantly, depending on how a consumer uses credit. Spending, payment patterns, account age, and other factors all affect credit scores. Allowing credit to go dormant or losing credit privileges can result in a loss of credit score.