Property Manager – Chatsworth
Rent Payments Reported to Credit Bureaus – RentBureau RentTrack
Help Your Credit by Reporting Rent Payments
Paying your rent on time each month feels good and, of course, saves you the unnecessary expense of late fees. But what if on-time rental payments came with a benefit that went beyond boosting your self-esteem and bank account, and extended to your oh-so-hard-to-penetrate credit score? Now, thanks to an innovative development from one of the major reporting agencies, paying your rent on time each month may rank at or near the top of your most promising credit repair strategies
Paying Rent On Time Helps Your Credit
In the past, only negative rental histories were reported to the three major credit reporting bureaus. However, Experian and TransUnion recently changed the game, now calculating rental histories into their credit scores. So if you pay your rent on time, and that payment is reported as such by your property manager or landlord, your credit score benefits.
How are Rental Payment Histories Collected?
First, Experian acquired RentBureau, another credit reporting agency that reports specifically on the history of rental payments. These rental histories are now used in calculating Experian credit scores. Then in June, 2014, RentTrack came on to the scene and started collaborating with Experian’s RentBureau.
What is RentTrack?
RentTrack is a company that processes online rent payments for landlords and property managers. If and when landlords and property managers offer their renters the option of making payments through RentTrck, landlords can opt into the RentBureau service. In turn, Experian includes the RentBureau data in its credit reports and scores of the landlords’ renters.
Do All Property Managers and Landlords Report On-Time Payments to RentBureau?
Unfortunately, no they don’t. While there are more than 8 million renters listed in the RentBureau database, that represents just a fraction of renters nationwide. In fact, nearly 100 million Americans rent, leaving lots of room for the growth of this promising means of helping people improve their credit scores.
How Do I Know If My Property Manager or Landlord Reports to RentBureau?
Ask. And if they don’t, point out that the benefits are three-fold:
- It’s a great way to reward good tenants.
- It may help deter chronically-late paying renters who know their history will now affect at least one of their credit scores.
- It’s a great way to gain access to a database of renter that can prove invaluable in weeding out prospective renters.
What Are the Benefits For Property Managers and Landlords to Report to RentBureau?
In addition to rewarding the dependable tenants who deserve credit for on-time payments, property managers and landlords who report to RentBureau also reap the benefits of having access to its extensive database of renters. In other words, it’s a great way for them to screen prospective renters.
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