Faces of RentReporters: Raul

Faces of RentReporters Raul

Raul Hernandez, School Administrator

Why I Joined RentReporters:

My wife and I were looking to buy a home for our family. We have four children, and for me, I wanted to settle in what was “our” home to provide everyone with a sense of security and stability. Sometimes, that can be hard to do when you’re renting, especially with young children.

We’re familiar with real estate, as we own three rental properties, but, as a result of a loan modification for those properties, our credit took a hit – it went down to the low 600s. With such a low score, I knew that we would not be able to get the best deal, so I decided to learn what I could on how credit scores worked. It was a long and frustrating process, with hours spent reading and watching YouTube videos on how people can fix their own credit. I happened to watch a video that mentioned RentReporters, which can help improve your credit score simply by reporting on-time rental payments. So, I decided to call them, and in March 2016, I signed up.

Prior to joining RentReporters, I took it upon myself to learn what factors can contribute to your credit score, like debt to income ratio and how long you have credit cards. My wife and I did everything we could possibly do – our credit cards were paid off, we lowered our debt as much as possible, and yet, our credit history wasn’t changing much. We felt like we hit a wall.

The one area we never thought of, and quite frankly, did not know about was reporting our rent. At that time, we were paying a lot in rent – $1700 each month! I am so thankful that I came across the video that mentioned RentReporters. Without them, I would have never known that our credit history could be positively impacted by simply reporting our on-time rental payments.

Within a week of signing up with RentReporters, the reporting of my rental payments showed in my credit report, and through Credit Karma, I saw that my score jumped by up to 20 points. In four months, my credit score went from 610 to 695!

RentReporters, coupled with my wife and I tackling our credit from all angles like becoming authorized users on each other’s credit cards to show longer history helped to get us to where we are today. Also, we had our rent history for the past 2 years reported through RentReporters. The underwriter for our loan told us that this information was extremely helpful because our on-time rental payments showed that were are faithful tenants who paid on time. In June 2016, we closed on our home!

After Joining RentReporters:

We bought our house, and after trying for several years to get to where we are today, our lives have changed in so many positive ways. We’re happy that we won’t be moving again. For the first time as a family, we can put what we want on the walls without having to worry that we need to take it down and repair the wall because we’re renting and it’s time to move. We’re now building memories in our home, and we’re building equity and paying for our future. Also, because of our improved credit score, we can do more if we want, like buy a car.

My Experience with RentReporters:

I had a great experience with RentReporters. They answered all my questions, and their service is affordable. The team was responsive and timely, calling my landlord each month to verify if my rent was paid on time, and most importantly, my credit score went up so that my wife and I could buy a home for our family.

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