Why would I want to use RenterCreditReporting?

More and more, your credit score is an integral part of your personal profile. It is not just for applying for credit. Credit scores are used for everything from getting phone or internet service to determining your rental deposit. A potential employer may even check your credit when deciding whether or not to offer you a job!

Having good credit can save you hundreds of dollars in interest over the course of a single year. It can make a difference in getting the job you want and opens the door to numerous opportunities.

Whether you are just starting out on your credit journey or working to repair credit that is less than perfect, RenterCreditReporting will help you get there!

How does RenterCreditReporting work?

RCR partners with your property manager and the credit bureaus to make sure you get credit for paying your rent on time.

The biggest factor that affects your credit score is your payment history. Up to 35% of your score is determined by how often you pay your bills on time. The more accounts you have that are paid on time, the better. When the credit bureaus see that you are paying your rent on time their scoring algorithm considers you to be more responsible and your score goes up.

Can you report my previous payment history?

In some cases we can report up to 24 months of previous rental history in your same rental unit. We may be able to  report previous history from a different unit if the property is part of our partner network. An additional charge may apply.

How much will my score increase?

When renters are consistently paying on-time we typically see increases between 20 and 100 points. Individual results will vary. The biggest impacts are usually seen for people who have poor or no credit. A previously un-scoreable person with zero credit can sometimes see a score of over 600 within only one year!*

There are many factors involved in the scoring algorithms that the credit bureaus use such as the types of credit, age of accounts, payment history, and so-on that can affect how much your score could change with on-time payments.

*There is no guaranteed or minimum amount that your score could change. Missed payments could result in a lower score.

What credit bureaus do you report to?

We report to all three of the major credit bureaus. TransUnion, Equifax, and Experian.

Both TransUnion and Equifax use rent payments as a factor in calculating your credit score. Reporting on-time rent payments will result in an increase to your TransUnion and Equifax credit scores.

Experian does not consider positive rent payment history in its scoring algorithm. We also report to Experian RentBureau, which is not a credit score service but is used by many property managers when screening applicants. A positive Equifax RentBureau rating could benefit you when seeking housing.

*Missed or very late payments could negatively impact youre credit score.

How soon will my rent payments show up?

We report to the credit bureaus on the 10th of each month to allow time for your payment to appear in your property’s records. After your payment is reported, it will take from 2-5 days for it to show up in the credit bureaus’ records.

What if my payment is a little bit late?

Payments that are less than 30 days late are not reported as delinquent and so do not negatively impact your credit score. As long as you make your late payment before 30 days past your due date it will still be reported as on-time and will help to increase your credit rating.

Will this affect my roommate's credit?

Rent payments will be reported for all people who are listed as responsible parties on the lease.

How is my personal information kept safe?

We take your personal privacy and security very seriously. All personal data is stored on a separate secure server and encrypted with industry standard 256-bit keys. All data transfer is performed over encrypted secure connections. Your information is never sold or shared with any other 3rd party.

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