There are millions of us in America . . . from coast to coast, north and south . . . regular folks paying rent and trying to buoy our Credit Rating.  For many of us, that’s not always easy. Our Credit Rating can slip perilously low if we aren’t careful about paying bills on time or if we have to skip a payment when things are tight, when we’re temporarily unemployed or if we have taken ill.  But!  We can take advantage of paying our rent on time if we know how to do it.

Our home-owning neighbors, colleagues and friends have the luxury of boosting their Credit Rating by making their mortgage payments on time.  So . . . unless you’re already reporting your rental payments (assuming they’re on time) you’re missing out on the advantage of improving and strengthening your Credit Rating.  The thing is … we can’t simply “tell” the Credit Bureau, “Hey, I’ve been paying my rent on time for years, adjust my rating.”  The Credit Bureau needs proof and a letter from your landlord won’t cut the mustard …  you can’t report your rent independently.

“What are you trying to do to me?  You tell me I can boost my credit rating by reporting my rent and now you tell me I can’t report my rent?  Why are you messing with my head?”

Here’s the good news.  You can’t report rent payments but a Rent-Reporting Service can. They submit your rental payment record and your Credit Reports start to reflect your rent payments.  Of course there is a fee for many Rent-Reporting Services so choosing the right one is imperative.  I did some research and found the following information helpful . . . I hope you do too.

Start by finding out which Credit Bureaus each Rent-Reporting Service sends your rent payments to, and whether those Credit Bureaus take your rent payments into account.

FYI:  Equifax, Experian and TransUnion include verified rent payment information in Credit Reports.  Credit Reports provide the data that affects your Credit Scores. The two major credit scoring companies, FICO and VantageScore, vary in how they handle rent payment information:  some versions of the FICO score don’t use rental payment information in calculating scores, however, the newer versions of FICO, such as the FICO 9 and FICO 10, do consider rental information.  VantageScore also considers rent payment information.

Check this out . . . .

Self.inc: Self.inc offers a basic plan that reports rent payments to all three credit bureaus for free.  For under $7.00 per month (at time of writing October 2024).  Self.inc will report your other bills, track your Credit Score and provide identity theft insurance.  Find them at self.inc

Check with your landlord to see if they have joined any of the following services, most of which are free to their tenants.

• Bilt Rewards: This program lets renters at participating Bilt Alliance properties earn rewards by reporting their rent through the app for free. This service is optional and reports rent to the three major bureaus.
• ClearNow: This service debits your rent from your checking or savings account. There’s no cost to you as a tenant, but your landlord must be signed up. If you opt in, payments are reported to Experian.
• Esusu: This service reports your on-time rental payments to all three major credit bureaus. It’s free to you as a renter if your landlord has a service agreement.
• Jetty Credit: Jetty is free to renters who live at participating properties. It reports rental payments to all three credit bureaus, and tenants are automatically enrolled.
• PayYourRent: PayYourRent reports to all three credit bureaus, but residents must pay their rent through the PayYourRent portal for those payments to count. It’s free and residents can opt in or out at any time.
• Rent Dynamics: Acquired by Entrata, Rent Dynamics is a service aimed at multifamily landlords and property owners. It reports on-time paid utility bills to all three credit bureaus and can retrieve up to 24 months of payment history. Renters should contact their landlord for information about enrollment.

The following are Services you can acquire personally but your landlord will need to verify your rent payments; many services may not be able to report your payments without your landlord’s verification.

• Boom: For $3 a month (or $36 annually), users can get their rent reported to all three credit bureaus. Up to 24 months of past payment history is available for a $25 one-time fee.
• Piñata: The service, which costs $5 per month or $60 per year, includes back reporting and reports to all three credit bureaus. Membership also includes a checking account, Piñata Pay, that can be used to pay rent directly, earning members extra rewards — but you don’t have to pay this way to get your positive rent payments reported. If your landlord signs up for a specific partnership with Piñata, your rent payments can be reported to all three bureaus.
• RentRedi: The plan is offered with landlord verification, and it costs $5.99 per month. RentRedi reports to all three credit bureaus.
• Rental Kharma: Initial setup is $75, and the service is $8.95 per month. Reports include all past history at your current address. You can include your roommate or spouse for a $25 one-time fee and an extra $5 per month. Rental Kharma reports to TransUnion and Equifax.
• Rent Reporters: There is a one-time enrollment fee of $94.95, which includes up to two years of reported rental payments. From there, you can enroll in a monthly plan ($9.95 per month) or an annual plan ($7.95 per month). Rent Reporters reports to TransUnion and Equifax.
• Rock the Score: There is an enrollment fee of $48, and ongoing service costs $6.95 per month. There is a $65 fee for reporting up to two years of rental history. Rock the Score reports to TransUnion and Equifax.
• Self: You can get the basic rent reporting for free, but you can also choose to pay a $6.95 monthly fee to report your cell phone and utility payments along with rent. Rent is reported to all three bureaus. Utility payments are reported to TransUnion only. A look-back of up to 24 months is available on your current lease for a one-time fee of $49.95.

How do I choose a Rent-Reporting Service?

Check to see if your property manager/landlord already works with a service. If not, here are questions you should ask Rent-Reporting Service providers.

What would my total costs be for a year of service, including any setup fees or fees for reporting rental history? (Some services can go back as far as 24 months.)

• How do you protect my personal data?
• Which of the major Credit Bureaus do you report to? (All three are ideal.)
• Do you provide free access to credit scores, and if so, which score(s)?
• How soon should I expect the information to appear on my Credit Report?
• How can I cancel the service?
• What happens if I have a dispute with my landlord or break my lease?
• In some States, renters have a right to withhold payment if the landlord fails to keep the unit repaired and habitable. Find out whether rent withheld during a dispute is reported as nonpayment or a negative mark.

Simply paying your rent will not help you build credit but reporting your rent will!  

Make paying your rent on time work to your advantage … strengthen your current Credit Score or build your credit.

Consumer laws can be complex, contact that the experts at Aronov Law NY now for a full understanding of how CROA laws can help you get your life back on track.

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