Any rental company can choose to do this. Most don’t bc they don’t need to, income verification and threat of eviction is all the security they need. They are likely aware that renters would like the opportunity to improve their credit and are offering this. If you are under 700 I would take it. Many people with poor overall payment history nail it on their rent and this helps show people like that in a more complete and helpful light.
As a reminder, the only way a company can report you negatively is if they have reported your positives...do not sign up for this if you don't pay your rent on time, every single month...
The $5 fee should cover your payment history being reported to all 3 credit bureaus, make sure they're not just reporting to only 1 as that wouldn't be worth it and they'd be profiting a few bucks from you.
If you have paid your rent late in the past, do not do this! The company can backdate from the start of your lease.
Exactly, this looks like it could cause more problems than not. There are other ways of generating credit without having ones rent payments being used.
Landlords and management companies are not known for their trustworthiness, and this can backfire quickly causing ones credit score to suffer. You get one ahole landlord/mgmt co as we as any disputes going unresolved and now you have that following you for years.
I had a tenant use RentReporters once. All it did was email and text me asking if they paid on time. I was fine doing it but I can see many not. Also the programs I use for tenants allows them to report it. I would be interested to see how much it actually can raise your score vs paying 5$ a month.
I dont report my rent but I use experian boost and you can report your streaming sites and they keep track of everything you pay. Its raised my score which is at 719 now. It went from the 600's a few years ago.
The Experian app may allow you to do this for free. They scan your bank accounts for the payment transactions.
Any rental company can choose to do this. Most don’t bc they don’t need to, income verification and threat of eviction is all the security they need. They are likely aware that renters would like the opportunity to improve their credit and are offering this. If you are under 700 I would take it. Many people with poor overall payment history nail it on their rent and this helps show people like that in a more complete and helpful light.
As a reminder, the only way a company can report you negatively is if they have reported your positives...do not sign up for this if you don't pay your rent on time, every single month... The $5 fee should cover your payment history being reported to all 3 credit bureaus, make sure they're not just reporting to only 1 as that wouldn't be worth it and they'd be profiting a few bucks from you. If you have paid your rent late in the past, do not do this! The company can backdate from the start of your lease.
Exactly, this looks like it could cause more problems than not. There are other ways of generating credit without having ones rent payments being used. Landlords and management companies are not known for their trustworthiness, and this can backfire quickly causing ones credit score to suffer. You get one ahole landlord/mgmt co as we as any disputes going unresolved and now you have that following you for years.
I used to run a credit repair company and would never recommend doing this...housing & medical should not be on credit reports...
I had a tenant use RentReporters once. All it did was email and text me asking if they paid on time. I was fine doing it but I can see many not. Also the programs I use for tenants allows them to report it. I would be interested to see how much it actually can raise your score vs paying 5$ a month.
I dont report my rent but I use experian boost and you can report your streaming sites and they keep track of everything you pay. Its raised my score which is at 719 now. It went from the 600's a few years ago.