Are you having trouble accessing credit? Do you fall into the category of credit invisible or credit unscorable? Do you know how both categories are different? If you want to start building your credit score, then you need to know the difference.
To help you get started in your credit journey for the New Year, here’s what you need to know:
If you’re credit invisible, you do not have a credit score and/or credit report from one of the three the nationwide credit reporting agencies (NCRAs). Why? Because the payments you are making are not being included in your credit files. That means you need to get on the radar of the NCRAs. For example, if you’re paying your rent on time each month, start building your credit score by having your rent payments reported to the NCRAs.
If you are credit unscorable, you have a limited – or “thin” credit file. Why? Because you are new to using credit, or you have not used credit recently, so you need to either build or revive your credit score. You can start by getting a secured credit card or becoming an authorized user on someone else’s credit card. You can also have your rent payments reported to the NCRAs.
Whether you’re credit invisible or credit unscorable, with a plan, you can start building your credit score. Also, if you are one of the 100 million Americans paying rent, solutions like RentReporters can help you build and improve your credit score by reporting your on time rent payments to TransUnion.
Get ready for 2018 the right way by taking control of your credit today.
For more information on RentReporters, visit here.