In the housing market, where so much of your financial future hinges on your credit score, it’s important to ensure that you’re doing everything you can to keep yours as high as possible. One way to do this is by staying on top of your rent payments and reporting them to the appropriate credit bureaus. While so many people may be unsure how exactly they go about doing this, there are a few ways that you can ensure that your rent payments are seen by the right parties. If you live with roommates or other tenants in a lease agreement, you probably know that even if they don’t have an impact on your credit score directly, any collector who reports about your payment history will take into account their relationship with you when making their decision. Thus, it’s important that you are proactive enough about this process to make sure that any rent paid is recorded appropriately and accurately.
Record Your Landlord’s Rent Payments to TransUnion and Equifax
If you’re paying your landlord directly for rent, then you’re probably wondering how best to report this to the credit bureaus. While each credit bureau has its own specific requirements, generally, you will want to report your landlord’s name and address. You’ll also want to report the amount of rent that you paid, the dates on which the payments were made, and the dates that they were due. An easy way to do this is to utilize a rent reporting agency such as RentReports.
Record Co-Borr Rent Payments For TransUnion and Equifax
As stated above, if you’re a co-signer on a lease agreement, you’re responsible for making sure that any payments due are recorded and reported correctly. In order to do this, you’ll need to contact the landlord and make sure that they’ve been informed of your role as a co-borrower, and that they’re aware that all payments are being reported to the credit bureaus in your name. In some cases, landlords will send co-borrower rent payments to the co-borrower directly, in which case you’ll need to report them to the credit bureaus in the same way that you would record payments to yourself.
About RentReporters
RentReporters improves tenants’ credit by reporting their on-time rent payment history to the credit bureaus. 40 points in 10 days. For the 45 million who are not scorable, they achieve an average score of 650 in 10 days….Life changed. Its the easiest and quickest way to get your rent accurately reported on your credit report. Get all of your past rental payment histories at your current residence added to your TransUnion & Equifax credit reports. This is sure to increase your credit score. The average score increase is 40 points when you report your past history. Renters that report 2 years of past history and 1 year ongoing see 100+ point increases on average. A simple human-powered process that is smooth for you the Renter and your Landlord.
Summary
Rent payments are one of the most important factors in determining your credit score. While you need to make sure that they’re reported correctly, it can be difficult to ensure that your landlord reports them to the right parties. By following these tips, you can ensure that your rent payments are reported properly so that they can help improve your credit score.
