Did you know that there are 100 million renters in the United States, and of those, 40 million people are credit invisible?
Did you know that if you’re renting, your monthly rent payments can take up to 60% of your income?
Did you know that if you are credit invisible, that means you are not even on the radar of credit reporting agencies?
Did you know that if you have a low credit score, you are paying the most for access to financial products, like interest rates on credit cards and auto loans?
How credit can impact your life is far broader than you may think. For instance, if you can move up your credit score by 50 points, your credit score increase can cut your auto loan interest rate in half. And for most of us, that’s life changing!
But the reality for millions of Americans is that they have no or low credit score. And that means they can’t get access to mainstream financial products, like traditional auto loan financing and credit cards with low APR and rewards, such as airline points. Why? Because you need credit to get access to credit.
But if you’re renting and making on-time payments, you can change that by having your rental payments reported to credit reporting agencies.
Recently, John Simpson, CEO of RentReporters, shared his insights with Jason Hartman, Founder and CEO of Platinum Properties Investors Network, on how you can participate in the process to build or boost your credit score. Start taking the right steps, like having your rent payments reported to TransUnion, so that you can transform your life and get access to the credit you deserve.
