Q:

What are no-credit-check apartments?

A:

Quick Answer

No-credit-check apartments rent to tenants without requiring a review of the tenant's credit history. Most apartments require a credit check from one of the three credit agencies, and those that don’t are typically small, privately owned apartments. Sometimes a renter can talk to the owner directly to eliminate the need for a credit check. Occasionally, no-credit-check apartments are advertised in rental listings or outside the building.

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Full Answer

Requirements for foregoing a credit check or accepting a low credit score may involve a much higher down payment, a co-signer or a detailed analysis of why the renter has no or a low credit score. If the renter has references from previous landlords and a good work history, it may be worth the risk to the landlord to fill the vacancy.

If the renter has medical bills, a foreclosed house, identify theft or other one-off events that have wrecked his credit history, these may be taken into account in renting without a credit check. It is likely that a thorough discussion and significant documentation is required to accurately assess the risk involved.

Section 8 housing is not immune to credit checks. Depending on local rules, landlords may reject tenants based on minimum credit score criteria or agree to waive the requirements depending on mitigating factors.

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