Rent Reporters Gives You The Same Benefits To Your Credit As A Mortgage
Renters pay their rent faithfully each month, yet typically do not receive the reward to their credit as those who have a mortgage. It’s seems that typically, the only time you get anything in regards to rent being reported on the credit report is when you stop paying your rent, get evicted, or there are unpaid charges after you move out, is when a collection agency reports the rent to your credit. Thanks to Rent Reporters, that has changed.
Rent Reporters, The Pioneers Of The Rent Reporting Industry
Although there are quite a few companies in the industry of reporting rent to the credit bureaus, Rent Reporters are the pioneers of the rather new industry, paving the way for other companies to exist. Even with the availability of reporting rent, there are relatively very few who are taking advantage of these services. It can be a powerful asset to you because, you can get a rather nice credit score boost on your credit reports. We’ve seen some of our clients get 30 or more points added to their credit reports. Like the Pioneers of the wild west, Rent Reporters were the first.
Landlords, Hold Your Tenants Accountable, And Boost Your Popularity
Landlords can now add an attractive service. By reporting your tenant’s rent payments you will attract those who wish to be rewarded for paying their rent on time every month. It will also hold your tenants accountable as they will also report late payments. This will help you not only get better tenants, but get tenants who care about building positive credit and maintaining a good credit score. It’s a great way to hold your tenants accountable and increase your popularity in the community. You are likely to fill your vacant spaces much faster.
A Powerful Credit Building Tool
Credit Repair clients are finding that reporting rent can be a powerful tool in their journey to a restored credit profile. As mentioned earlier, our clients have enjoyed 30-50 point boosts to their credit score just by adding this powerful service to their credit reports. It’s actually one of the things that make us look like heroes.
Perfect For Those With No Credit, Or Kids Building Credit For The First Time
Last week on our blog, we discussed building credit for your children. Simply by drawing up a rental agreement with your child, you can add Rent Reporters to their credit report when building a credit profile. The same can be true for you if you currently have no credit and wish to build your credit profile. There are no credit checks, and up to 2 years of payment history is reported, which adds a little age to your credit report. If you are seeking a mortgage, but told that your credit file is too thin, this will help you get over that hump and get approved!
So, How Does Rent Reporters Work?
Once you sign up, you or your landlord will provide Rent Reporters with a copy of your rental agreement. They will contact your landlord each month to verify that you have paid your rent on time every month, and report the tradeline to Equifax and TransUnion. Soon, they will be reporting to all 3 major credit bureaus once Experian comes on board (we are actually surprised since Experian pioneered Experian Boost which helps you get your monthly utility bills reported.). You can also pay your rent though the Rent Reporters Payment service, saving time!
