Like many renters you may be wondering, does paying rent build credit? After all, monthly bills are typically included on our credit reports with the “big 3” credit reporting agencies, (Experian, Equifax, and Transunion). But until now the biggest monthly bill renters pay, which is their rent, has not been reported to their credit reports. But we’ve changed that!
The reason that landlords don’t report rent on credit reports is that they don’t want to pay the credit bureaus to be able to do that. Yes, there is a cost to the business to report customer payment history to the credit bureaus.
Pay Rent, Build Credit
But we have created a process where we contact your landlord monthly via email and verify that your rent was paid each month. Then those on-time payments are then reported to Equifax and Transunion and appear on your credit reports. We are in discussions with Experian to be able to report rent payments there as well.
We Are Seeing Credit Scores Increased by 25 to 50 Points in as little as 30 to 45 days!*
Get The Biggest Boost to Your Credit Score
We can report 12 and up to 24 months of past rent payments right away. This will give you the biggest boost to your score.
By having us report rent payments to credit bureaus for you, you will be using one of the fastest, most effective, and least expensive ways to increase your credit score. So, does paying rent build credit? YES, IT DOES!
* We make no guarantees of how much your score will increase. Credit score increases depend on a variety of factors including past payment history and number of accounts.