Increase Your Credit Score by Free Rent Reporting!

You already know that to achieve a good credit history you must show that you are a trustable customer. One of the best ways to do this is to keep regular payments on your credit card. Paying your rent on time is building an exemplary credit report sought after by credit bureaus. Ongoing reporting of your current payments will help you improve your score.

Many people have bad or non-existent credit scores, which makes it difficult for them to access various financial opportunities like borrowing and purchasing a home, preventing them from building wealth. However, many do not realize that rent reporting, or records of monthly rent payments to credit bureaus, is a simple and efficient way to establish or build credit. In this article, you will learn basic and useful information that will guide you on your credit journey.

Report your rent payments and have them on your credit history by:

Using the Goldman Sachs Bank USA program, that adds rent payments to your credit history, similar to other perks from various companies such as TransUnion, Experian, and Equifax.

Reporting the history, yourself: Use an available free or monthly rental reporting service. Then, rent payments will impact positively on your credit reports.

Benefits of raising your credit score

With a consistent credit history, you will be able to pay security deposits, or get a cell phone bill. It will also be possible to qualify for loans and credit cards offers.

For those with poor scores, the increase can lower the interest rate on loans, with accessible payment options.

Rental reporting tool options:

• ClearNow: With this service, rent money will be automatically debited from your account for free to tenants. Yet, the owner must register and pay a fee. It reports payments to Experian.

• PayYourRent: This service has variable rates. Also, in some cases, fees are paid by the property management and are reported to all credit bureaus.

• Kharma Rental: The cost of the Kharma is US$25 and US$6.95 per month, it reports to TransUnion.;

• Rent Reporters: The application fee of $94.95 includes up to two years of rent payments reports to TransUnion and Equifax.

• RentTrack: Reports to all three major credit bureaus. Fees may vary depending your owner is a customer. With owner participation, this service has a fee of $6.95.

• Rock the Score: Reports for TransUnion and Equifax. There is a $25 subscription fee and ongoing service costs $8.95 per month. There is a $99 fee to report up to two years of rental history.

• eRentPayment: Reports to all three credit bureaus. But as tenants can only join this rent payment service if the landlord is a costumer, it is a bad service for landlords. Also, there is a $3 per transaction fee.