RENT REPORTING

According to the Pew Research Center, the total number of households headed by renters grew significantly from 2006 to 2020, jumping from 34.6 million to 43.3 million households. People younger than 35 make up about 65% of the 43.3 million renting households.

Head-of-household renters, especially young people, have been in a credit Catch-22: Almost all have been paying their rent responsibly and on time, but that track record of on-time payments has not been reflected in their credit history. Fortunately, that situation is changing for the better.

Rental payments can now be reported to the three credit reporting agencies, Experian, Equifax, and TransUnion. The newest credit scoring models use rental-payment data when calculating your credit score.

If you are a renter, this means that you can build—or start—your credit history without taking on additional debt and potentially improve your credit score with your on-time rental payments. Get your rental account reported, and it will show on your credit report; then, every month when you pay your rent, your positive account history will continue to grow.

Credit grantors, such as banks, credit card companies, auto finance companies, and telecommunications companies, will be able to see that positive payment history, which is a good signal that you have the ability to pay bills on time and manage your money.

We’re here to make this process easier and possible with our rent reporting services and free rental history checks for all names on the lease agreement. Roommates and spouses can also receive credit for their payments and can Increase credit score fast. We’re also able to establish credit for your past two years of rental payments and report the last 24 months of your rental history to your credit report. 

This is the ultimate benefit as recent studies have shown the longer the tradeline reports, the stronger it affects your score.