Q.
Will this really help build my credit profile?
A.
All positive payment data builds your credit profile from which potential lenders will weigh your credit worthiness . The timely payment of your rent every month is an important indicator banks use when considering you for a home loan.
Q.
Do all the bureaus accept rent data?
A.
They all include rent payments in the FICO expansion score – information they gather from the non-traditional reporting bureau MicroBilt. However, Experian recently announced that they will start routinely including rent payments. The others (Equifax and TransUnion) will undoubtedly follow soon.
Q.
What if my landlord doesn’t cooperate?
A.
Landlords perform this type of service frequently for tenants. They have no problem responding to requests for rent payment activity from those you authorize to receive it – like RentReporters. Believe us! Landlords comment all the time about how much they appreciate the service because it gives their tenants another reason to pay their rent on time.
Q.
I thought my rent was already being reported.
A.
That’s a common misconception. Most renters know that failure to pay rent will negatively effect credit and assume that good payment history will positively effect credit, not the case. Until very recently, rent payments were considered “non-traditional” and not reported automatically on credit reports. Experian’s recent announcement to include rent payments on credit reports indicates rent and other monthly recurring non-traditional payments are the future of credit reporting.
Q.
What if I move?
A.
The service goes with you. We will contact your new landlord and, once verified, will continue reporting your rent as long as you want us to.