1. Doesn't my rent already show on my credit report?
No, your rent payments are not already being reported to
credit agencies. This misconception is further strengthened
because when you don’t pay your rent on time, or have
a landlord action against you, this is reported to the credit
agencies in the form of collections, or unlawful detainer
filing in the public records. Rent Reporters has the solution
for tenants. As a service bureau we enable any landlord
to be able to have tenant accounts reporting to the credit
agencies.
Back To Top
2. Will this impact my Credit score?
When your rent payments are reported this helps to strengthen
your credit profile and will give more accurate information
for credit scoring systems to make a better evaluation according
to their individual credit criteria needs. Having your rent
account show your good payment record can only help your
credit score.
Back To Top
3. How much will my score improve?
No one can predict your credit score improvement and it
will vary according to the model that is being used and
for what purpose the lender is requesting the score be given.
Every point counts and adding this account with timely payments
can go a long way to adding valuable scoring information.
Back To Top
4 . How much does it cost, and what does that cover?
Establishing a RentReporters membership and account and
the initial verification costs a small one time fee. This covers all
of the set-up, security, fraud protection protocol, account
verification, and rental verification. That includes the
cost of any of our specialists who might need to take extra
steps to verify you. We then continue to verify your information,
load your data, transfer it to the Bureaus, and get it posted
to your report every month without a monthly fee. Think
about it...for the cost of a movie in many parts of the
country, you can make sure your rent is making a difference
in your life. Best of all, once you sign up you can sit
back and relax, and rest assured that that RentReporters
is working for you!
Back To Top
5 . Does this guarantee me a loan or credit?
Only a lender can guarantee a loan approval, but what can
be guaranteed is that the valuable information that is required
by lenders to make a complete credit decision will be on
your personal credit report when needed. Automated underwriters
will be able to qualify from the start. Every mortgage loan
requires a rental rating and waiting to be asked for one
only delays the approval process.
Back To Top
6 . How long does it last?
Your rent payments will remain on your Credit Report for
7 years after the last report we make for you BUT the positive
benefits will last far longer.
Back To Top
7 . What if I move?
If you notify us of the change during the first 6 months
of being a RentReporters Client, then a change location
fee of $19.95 will be charged. Our service will contact
your new landlord and continue rating your rent account
at the new location. This will continue to the end of the
original expiration date of your present service. There
will be no further charges. Near the end of this period
you will be reminded vie e-mail prior to your expiration
date where a discounted renewal fee will be available.
Back To Top
8 . How do you know it works?
We have been involved with the credit industry for over
25 years. Seeing rental history put onto credit reports
as a supplement after the credit score has been reported
just didn’t make sense. When we saw the effect reported
rent had on complete reports we knew that RentReporters
had a reason to exist.
Back To Top
9 . How are we allowed to do this?
RentReporters contracts with you and the landlord to act
as a service bureau reporting your rent contract to the
bureaus. We use proprietary methods built by experts with
over 25 years of credit expertise to do this. Using accepted
reporting practices RentReporters is the only service that
provides documented verification service for the rental
industry.
Back To Top
10 . Is this legal?
Yes! When you give us permission to report your rent, we
contact your landlord to complete the service agreement.
There is no additional cost to your landlord to do this
and they are more than happy to be a credit reference for
their tenants.
Back To Top
11 . How long does it take?
Usually, a verified member can see their first rent payment
on their credit report within 30 days of the final verification
of rent by our service. This means that depending on the
reporting cycle, you may have this information appear no
later than 60 days from the time you sign up for service.
Back To Top
12 . How will I know if there is a problem?
We keep track of everything for you. If we are having trouble
verifying your rent, we will contact you directly. We will
also contact you if we have trouble processing your information
with the Bureau, or is we have a problem with your monthly
verifications. Rest assured, problems are rare, but if it
happens, we take action. We have real people investigating
any problems that might come up, they do the legwork and
keep you notified.
Back To Top
13. Can I Cancel?
RentReporters serves you. So, if you want to cancel your
reporting at anytime with us you can. However, remember
that the longer RentReporters reports your rent payments,
the better your credit report will look to future landlords
and lenders.
Back To Top
14. Refunds?
We have a 100% money back guarantee for anyone within the
first 5 days of signing up for our service. See our terms
and conditions for the complete details. We treat you like
we want to be treated ourselves.
Back To Top
|
