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COULD RENT REPORTING
Building a strong credit history
is hard when you don’t have years
of experience with paying down debt.
You might also be hesitant to open up
new lines of credit when you are
applying for a mortgage loan.
If you look at your financial track record,
one thing you might notice is that you’ve
been paying rent for years.
Getting the rent reported to the major
credit bureaus is one way to demonstrate
Rent payments are not typically reported
to the credit bureaus automatically.
This means that you will need to take a few
steps to make it happen.
You might be able to get rent reported
for free in some cases, but you will
typically need to pay a fee.
You could also have better options
to build your credit, but it is worth
looking into this option.
Will Rent Payments
Show Up On My
There are three major credit
They each compile data about your
financial standing to put into reports
that are accessible to lenders.
There are also two major credit scoring
companies called VantageScore and FICO.
FICO uses several versions
to calculate credit scores.
Right now, the more commonly
used ones do not always include
Newer versions that are increasing
in use do count rent payments that
VantageScore will include reported
rent payments in their scoring system.
How Do You Set Up
On Your Own?
There are several rent reporting services
that you can set up independently.
Keep in mind that some of these require
your landlord to verify that you make
your rent payments on time.
These services can also range in price.
Some require an initial enrollment fee
followed by a monthly reporting cost.
They can also vary according to how far
back they go when reporting payments.
When you select a reporting service,
make sure to check that they report
to your preferred credit bureau.
What If My Landlord
Some landlords and property