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How to Build Your Credit by Paying Rent

 

 

 

Let’s face it, credit is important in our lives. The majority of us do not have hundreds or thousands of dollars just lying around. So, when we purchase an item with a hefty price tag, we generally use a line of credit. However, some of us need help establishing a credit history or boost our credit scores so we can obtain favorable terms from a lender. 

One easy way to build credit history and improve credit scores is to enroll in rent reporting. Rent reporting verifies your rental history with your landlord and then the reports are sent to the credit bureaus. So, you will finally receive credit for something you already do, paying your rent on time. 

Most often rent payments are not reported to the credit bureaus but if received Equifax, Experian, and TransUnion will include rent payment information in their credit reports. Unfortunately, you cannot report rent payments yourself but rent reporting services can.

 

Benefits of establishing a credit history and increasing credit scores: 

  • Lower interest rates on a credit card 
  • Ability to buy a car with better monthly payments 
  • Qualify for lower insurance premiums 
  • Better conditions for a mortgage loan 

 

If you need to establish a credit history or bump up your credit scores consider enrolling in our rent reporting service. For an extensive more personalized plan to better your credit contact our Credit Enhancement Program specialist.

 

 

 

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