An Inside View: How and Why RentReporters Works

An Inside View: How and Why RentReporters Works

Vishal’s credit score increased by 45 points, and as a result of his improved credit score, he was able to shop around and be approved for a home mortgage!

College student Lindsay went from one of 40 million credit invisibles to having a credit score of 658, and now, she has her first credit card and is starting to build her financial independence!

Raul’s credit score went from 610 to 695, enabling him and his wife to purchase their “forever” home, where they can build lifelong memories with their four children!

Gloria understood little about credit before coming to the United States and was not able get approved for a credit card. With her new credit score, Gloria was approved for her first credit card and can pass on to her children the lessons of financial independence!

Like millions of Americans, our customers are responsible, hard-working individuals who are credit invisible or unscorable, or those who simply want to improve their credit score to achieve something, like buying their dream home. They pay their bills on time, yet in most cases, they’re not on the radar of the major credit bureaus. So, their on-time payments and responsible financial behaviors don’t count toward a credit score. And that’s not right.

What tens of millions of renters don’t know is that if they’re renting, their on-time rent payments can be reported to the credit bureaus. That, coupled with other responsible financial behaviors, provides a path to improving their credit score. And RentReporters is helping our customers do just that by reporting their on-time rent payments to TransUnion, one of the three major credit bureaus.

How Does RentReporters Work?

After a customer signs up and the verification process is completed, we report the last two years of rent payments, as well as ongoing monthly rent payments to TransUnion. The more months of rent reported, the greater the impact to a credit history.

We continue to verify each customer’s ongoing monthly rent payments directly with the landlord and automatically report payments to TransUnion.

When customers review their TransUnion credit report, they will see RentReporters appear as an “open” account under the tradeline “RentReporters.”

Why Does RentReporters Work?

By reporting continuous, on-time rent payments to the credit bureaus, this payment information is included as part of a customer’s standard credit report and may be incorporated into certain credit scores. RentReporters automatically reports these payments to TransUnion, to allow our informed customers to establish or improve their credit history.

Like our customers, most likely rent is your biggest monthly expense. So, why not start gaining financial control and change your life by having your on-time rent payments reported the credit bureaus? RentReporters can help you get there. It’s what we do every day. Changing people’s lives with a better score.

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