Did you know that you could build your credit score by reporting rent payments? It's true! Rent payment history is one of the factors that credit bureaus look at when determining a person's credit score. If you are looking to improve your credit rating, reporting rent payments is a great way to do it. In this blog post, we will discuss how to report rent payments to the three major credit bureaus and what effect it will have on your credit score.
There are a few different ways to report rent payments. The most common method is to use a credit reporting service like Boom or Rent Reporters. Many different companies offer this service, but the two most popular are Rent Reporters and Boom. Both of these companies will report your rent payments to major credit bureaus. They will also provide you with a report of your payment history, which you can use to help improve your credit score.
Benefits and guidelines for Boom:
- Only takes 5 minutes to sign up on Boom.
- Cost to report rent payments is basically $2.00 per month.
- Report ongoing payments and up to 24 months of prior payments.
- See your credit score impact in 10 days.
- Reports to all three credit bureaus, (Equifax, Experian, and TransUnion).
Boom is the only credit builder that reports to all three credit bureaus. Here's how it works:
Boom will send you an email. Be sure to check your promotions and check all of your folders just in case it doesn't go to your inbox. After receiving the confirmation email, your first step few steps are to:
- Enter your personal data.
- Upload your lease agreement.
Now that those are two very important critical steps are out of the way, you may want to consider reporting past rent payments up to 24 months.
- Simple pricing and big impact
- Get past 24 months of rent reported in days.
- Offers a money back guarantee if you’re not happy in the first 7 days.
Once you have reported your rent payments, you can expect to see an increase in your credit score over time. This is because the credit bureaus will now have a record of your on-time rent payments. This can be a great way to improve your credit score, especially if you have been struggling in the past.
Another way to report rent payments is to contact the credit bureaus directly. You can do this by mail and will need to provide the following information:
- Your name
- Your address
- Your Social Security number
- The name and address of your landlord or property manager
- The amount you pay each month
- The date of your rent payments
- Landlord contact information
Finally, another way you can report rent payments is to use a rental history service. Rental history services are used by landlords and property managers to track their tenants' rental payment history. Some of these services will also report your rent payments to the credit bureaus. A popular rental history services by Rent Track.
Reporting rent payments is a great way to improve your credit score. It will show creditors that you are responsible with making payments on time and will help you to get approved for loans and credit cards in the future. So if you're looking to build your credit, start reporting those rent payments asap!
Both Boom and Rent Reporters have a initial startup cost of about a hundred dollars. Boom has a one time enrollment fee of $10. Rent Reporters has a sign up fee of $94.95. Both Boom and Rent Reporters cost $25 to report past rent.
More Benefits of using Boom:
- Simple, affordable pricing
- Easy to report your rent without bothering your landlord.
- Report ongoing payments
- Cancel anytime
- Credit score impact in just 10 days
- Report payments up to 24 months
Finally, with Boom each month you're gonna self-report your rent payments without bothering your landlord. Boom understands landlords and property managers view rent reporting to credit bureaus as a burden or another project.
The average person rents a house or apartment for for seven to ten years. Don't you think renters deserve to receive credit for these payments? I do which is the reason the rent credit builders in this article are so important for me to share. Some people have seen their credit score improve 40+ points within 30 days.
Do you report your rent payments? Let us know in the comments. And be sure to check back next week for another great blog post. Thanks for reading!
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