If you know you’re going to be late with your rent or unable to pay at all, communication is the key. First, contact your landlord and let them know. Many landlords are willing to work with you and may allow deferred payments, partial payments or other accommodations. If you’re able to come to an agreement, and you stick to the terms of that agreement, your landlord will continue reporting you as on time, with a positive impact to your credit score. Next, call us and let us know. Keep us in the loop so we can properly report the new arrangement.
Have you suddenly lost your job, had your hours cut or been temporarily furloughed because of Covid-19 ? Are you wondering how you’re going to pay your rent on time or how you will pay other bills? Many Americans across the country are worried about their future and how all of this will affect their financial wellness. At RentReporters, our top priority is helping renters navigate through this unprecedented time. With that in mind, we put together answers to a few important questions we’ve been receiving. We hope this information will be helpful to you.
No. If you’re unable to come to an arrangement with your landlord, we’re still able to continue reporting you each month with a special disaster code that will ensure no negative impact to your credit score during this crisis. This type of reporting will have a neutral impact on your credit score.
Again, the key here is communication. You’ve worked hard to build up your score, and your credit score is more important now than ever. If you stop reporting, your rental tradeline will become stale and have an overall negative effect on your credit report. Don’t let that happen! Now is not the time to cancel.
- Ask for help. This applies to all of your creditors and lenders. If you’re unable to make a payment, call and let them know. Many will be willing to work with you to make special arrangements, but they won’t make these accommodations if you don’t ask.
- Pay what you can. Try to avoid late payments by paying at least the minimum payment due. If you can’t make the minimum payment, don’t forget to call in advance of the due date and ask for assistance. Generally, late payments don’t affect your credit report until 30 days after the missed payment, so you have a longer window of time to get that payment in.
- Review your expenses. Go through all of your monthly spending and look for ways to trim expenses. Look for monthly subscriptions that can be cancelled. Call your cell phone or cable company and ask them to review your plan to see if you can reduce the cost. Create a list of all of your monthly minimum payments due, and if you’re unable to pay them all, start making calls!
- Make a budget. Make a list of what you’re earning and what you’re spending each month. Plan in advance how you will spend your money and avoid spending money on any items that are not on the list.
Average Increase of Here's how it works
- We report your payments to and
- A new tradeline gets added to your credit report
- See your new score within 10 days
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RentCheck is FREE and allows your rent payments to be automatically verified each month.
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Tell us about your rent terms.
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Link the bank account you pay your rent from to your RentReporters account.
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