How to Report Rent Payments to Credit Bureaus and Boost Your Credit Score
by BFine.org Administrator
Are you looking for ways to improve your credit score? Like many people, you may have a poor credit score because of missed credit card payments, loan payments, declared bankruptcy or defaulting on a loan. Unfortunately, it can take years to rebuild your credit. However, one thing you are doing monthly is paying rent and the three major credit bureaus — Equifax, Experian and TransUnion — will include rent payment information in credit reports if they receive it. First things first. Know what your credit score is. Credit reports from the three nationwide credit bureaus do not usually contain credit scores. But, you can get your credit score from your credit card company, financial institution or loan statement. Also, there are free credit score reports. According to the Consumer Financial Protection Bureau, you can obtain your score at AnnualCreditReport.com at no cost.
Note: BFine.org does not endorse the organizations mentioned below and does not receive any compensation. This list is for informational purposes. We encourage you to do your own independent research to find the best reporting company for you.
Find a Reputable Rent Payment Service for Reporting Your Rent
There are many companies that provide this service. There are some free ones, those that charge renters and some whose services are paid by the landlords. You may have to talk with your landlord about implementing one of these programs, but your neighbors will thank you. Here’s a few to check out:
Launched in September 2022, the Positive Rent Payment program links Fannie Mae-financed owners with third-party vendors like Esusu, Rent Dynamics and Jetty who report your monthly rental payment data to the credit bureaus. No costs are passed along to renters because Fannie Mae reimburses the vendors.
Piñata: Piñata is a free iOS and Android app that uses its rent reporting tool, Credit Engine, to help raise your credit score by up to 60 points. The app lets you earn rewards for paying your rent and it reports to TransUnion. If your landlord partners with Piñata, your rent payments can be reported to all three bureaus.
Services that Charge Renters
Rental Kharma: This company adds your past and current rental payment history at your current residence to your TransUnion & Equifax credit reports. Typically, renters that show the last two years of history and one year of ongoing rental history can see an average 100+ point credit score jump. Prices on this service can be found here.
Services Paid for by Landlords
PayYourRent reports to all three credit bureaus and has pioneered online & mobile rent payment processing software to help landlords collect rent more efficiently. Consumers benefit because they get to pay on their mobile devices.
Remember, take control of your financial future. Having rental payment information can be useful if you rent again in the future. Also, proving that you pay on time will help start building credit today.