Will this affect how I pay my rent?
No. You will continue to pay your rent in exactly the same way that you currently do.
How will my rent payments be verified?
You provide us with basic information on your landlord or property manager. We contact them and verify your rent payments to build the credit you deserve from your timely rent payments. There is no fee to your landlord or property manager to verify your rent.
What if my landlord won’t verify the payments?
Our Rock Solid Promise is a 100% refund policy, guaranteeing that if we are unable to verify your rent with your landlord or property manager you won’t pay a penny! Our business relies upon happy customers and long-term relationships.
How much will my credit score increase?
We cannot guarantee a specific score improvement or a specific time frame because everyone’s credit situation is unique. However we can verify your last 2 years of rent payments. That payment history once calculated into your credit score can help you build credit history and improve your credit score.
How does my Rental Payments show on my credit report?
Your rental trade line is used in different scoring models, such as FICO 9 score & also VantageScore®. This trade line will show on your credit report as “RTSMGMT”
Will I need to provide a lease or rental agreement?
Although it is not necessary to have a lease agreement between you and your landlord for our program, it does sometimes help speed up the process. If you have a copy of your lease, you can upload that when you enroll in the program. Remember, we do need your landlords cooperation to verify rental payments, and you can help with this. Contact them as soon as you apply for rent reporting and encourage them to response to our requests as soon as possible. That way the reporting will not be delayed.
Can I just report historical rent history?
If we just reported the past 24-months of historical rent payments and do not verify any on-going rent payments it would show on your credit report as a “closed account” and closed accounts do not impact the credit scoring model as effectively as “open accounts.”
So, when you enroll with our program we will report both your historical data along with ongoing rent payments, that way the account is “open” and you will get the biggest boost possible on your credit score. Remember you can cancel at any-time once you do not need the program any longer.
What if I have a spouse or roommate?
Your spouse or roommate can also enroll and gain the same benefits of rental reporting.
What happens if I pay my rent payment late?
All credit including rent payments are only considered late on your credit report if the payment is received more than 30 days past the due date. So as long as you pay your rent within 30 days of your due date, it will be counted as an on time payment on your credit report. Pay all your bills including rent on time, it’s very important.
Will my rental payments be reported to all three bureaus?
No. Experian does not participate currently with Rent Reporting. The good news is that TransUnion will report in almost any Landlord/Tenant relationship. Equifax also reports, but only if your landlord is a property management company.
Do you report payments for commercial rent or lease to the credit bureaus?
No, the myCredit System Rent Reporting service does not report commercial rent or lease payments. The myCredit System Rent Reporting service only reports residential rent payments to the credit bureaus.