About half of the people who pay rent every month, pay over 30% of their income. This is a huge sum and should increase one’s credit score with the credit bureau. Property owners get a large credit boost when they pay on their mortgage at the end of the month, however, renters do not enjoy this opportunity because they pay their rents directly to their homeowners and it does not get recorded by the credit bureau. Hence, it does not add to their credit score.
To help these renters boost their credit score, certain rent reporting services like RentReporters, have risen to stand in the gap between renters and the credit bureau. They report all your payment to the credit bureau so you can have a better credit score and qualify for more loans. Choosing a rent reporting service, you want to know if they report the exact amount that you pay and if they do that in a short time. You also want to know if it is affordable. In order to find this information, do well to read reviews and experiences of people who have used this service and decide if it’s great for you.
RentReporters was established in 2015 out of Pasadena California and they are changing the way that FICO ratings are determined for more than 100 million leaseholders in the United States. As of March 2020, the sign-up fee for RentReporters was $94.95 and they charge $9.95 every month to report your payment to the credit bureau. When you sign-up, RentReporters checks your rental history with your property manager and afterwards report the tradeline to the credit bureau. The assistance incorporates a duplicate of your FICO assessment. Rent Reporters reports to TransUnion.
Services of RentReporters
RentReporters confirms with a landowner that the lease was paid and afterwards reports the instalments to TransUnion, one of the three significant credit bureaus. When you solicit for the services of RentReporters, you keep on paying rent to your landowner and you pay the RentReporters charge independently.
RentReporters will completely refund your payment if your landowner does not collaborate. However, to get the support of landowners, they offer an incentive to them since tenants attempting to increase their credit score are probably going to pay on schedule.
RentReporters will report as long as two years of instalments that you have been paying your landowner to the credit bureau. If you have not been at your present location that long, you can add past landowners at an additional expense.
RentReporters is distinguished from other rent reporters because of the educational contents it provides to help its customers understand how credit works. Its blog, newsletter and live sessions of social media are all part of the commitment to guiding customers to build their credit score without making mistakes.
Invitation for Reviews and Feedbacks for RentReporters
If you have experienced the services provided by RentReporters or you are currently experiencing it, you will have a sincere and reliable review of the company to give to prospective customers. How long does it take for your rent payment to reflect on your credit score? How accurate is the value that is added to your credit score? How would you rate the customer service? Kindly leave your honest reviews here.