Millions of Americans – maybe even you – are classified as “credit invisible” but that doesn’t mean they are not worthy of receiving credit. The reality is that they have a history of paying their bills on time, and that includes what is probably their largest monthly expense – rent. It’s just that their rent payments are not being reported to a nationwide credit reporting agency (NCRA).
While you can’t report your rent payments yourself, solutions like RentReporters can. And the process is simple. Pay your rent, and it’s reported to the credit bureaus, just like a credit card or student loan payment. With consistent, on-time rent payments, you will start establishing a credit history, and in time, your score will most likely improve.
There are other credit-building strategies you can use, like getting a secured credit card. But, if you’re paying rent, then why not take advantage of your on-time payments by having them reported to the NCRAs? Also, if you think you might be moving anytime soon, having your rental payment information on your credit report can help you get that new and better apartment.
RentReporters is helping the millions of renters to build and proactively impact their credit score by reporting on-time rent payments to TransUnion, one of the major credit bureaus.