Rent Reporting is the process of reporting rent payments to credit bureaus to build credit history and increase credit score. A lot of people pay their rent without any delay, but that information is not shown up in their credit reports and doesn’t help their credit score. People can’t report rent payment by themselves but there are many rent reporting services available nowadays who can report fairly and easily.
Rent reporting services gather data on your rent payments and share it with credit reporting agencies.
Understanding Rent Reporting Services
Rent reporting services are tools that allow tenants to send their monthly rent payments to credit bureaus. Credit bereaus like Equifax, Experian, and TransUnion. As result, their credit scores may rise when a useful payment history element is added to their credit reports.
The rent reporting services might be advantageous to landlords and property management firms. They can entice responsible tenants and even raise their tenant retention rates by giving their tenants this option.
Impact of Rental History on Credit Scores
A person’s rental history can greatly affect their creditworthiness. Even though people often overlook it. Paying your rent on time shows you are responsible with money and can boost your credit score, especially if you don’t have a credit history.
These are some important details regarding how renting history affects credit scores:
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Paying rent on time helps build a good payment history, which is important for a high credit score.
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Credit Mix– Your credit mix is diversified by including rental payments, which is a consideration that can improve your score.
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Rent reporting can help people maintain a low credit utilization ratio. This ratio is important for determining credit scores.
12 BEST RENT REPORTING SERVICES
Here are the 12 services to up your rent reporting game:
BOOM:
Boom credit reporting service was started in late 2020, with a mission to make housing more flexible, affordable, and rewarding. It reports to all major credit bureaus – Experian, TransUnion and Equifax, at a lower fee than any other rent reporting company. It has market-leading accuracy and extensive software integrations.
RENT REPORTERS:
Rent reporters started their business in 2012 to help renters to build credit. People who don’t have a credit score, along with 100 million others, should get a credit score that shows they pay rent responsibly. This will give them the financial opportunity they deserve.
LEVELCREDIT:
Established in 2019. Level credit by itself is a rent and utility reporting service that can share ongoing payment with the major credit bureaus. Also it can add up to two years of payment history to your credit reports for a one-time fee. In 2014, the product Rent Track disrupted the credit industry. It was the first online rental payment platform to report residents’ payments to all three major credit bureaus.
CREDIT RENT BOOST:
Credit rent boost has the best customer review. It’s another company focused on elevating credit score through rent reporting. You can improve your credit score by using their rent reporting service. Just make sure to pay on time. Your account will appear in less than two weeks. This provider also conducts past rent reporting for up to two years of payment history.
ROCK THE SCORE:
Established in 2018. The service is cheap and good, and landlords don’t have to sign up. To receive payment, they must ask the landlord for payment information. If the landlord refuses, they offer a money back guarantee. The ongoing fees are low. It’s good for budget-conscious consumers who want great customer service and results. While they don’t report to Experian , rock the score is still one of the market leaders in 2023.
RENTAL KHARMA:
more flexible than other service providers and provide customized services in different ways. This service charges a one time setup fee, which includes a report of your past six months of rent payments.
ESUSU RENT:
ESUSU RENT was founded in 2018. It offers rent reporting and rent relief for customers experiencing financial difficulties. It also offers 24 months of rental history and ongoing reporting at a low cost compared to their competitors. And there is no enrollment fee for ongoing reporting.
PAYMENT REPORT:
We made Payment Report to assist landlords and property managers with credit info and property management. Payment report is a great choice for low price and a past payment reporting option.
CREDHUB:
Cred hub was established with a mission to empower the community to build a better financial future. It’s a payment credit reporting solution which automatically reports payment status to the credit bureaus each month. Cred hub makes it easier for property managers to collect rent every month. It also helps residents build good credit histories and improve their financial future. Cred hub believes people should get credit for their good actions.
RENT TRACK:
They believe that every renter deserves credit for paying one of their largest monthly expenditure on time -every time. And with strong protecting customers data and demonstrating that commitment to rigorous compliance as well as industry leading security measures.
PAY YOUR RENT:
Renters quickly pay rent by credit card or check and build credit history with Equifax, Experian and transUnion through “pay your rent”. Property managers and landlords can conveniently collect rent payments online and through mobile devices. They also receive same-day payment processing and have the rent deposits into their bank accounts by the same night.
ZEGO
ZEGO’s property management automation software simplifies workflows for managers and associations. With their technology -automate the dreaded task that consumes community managers, and take the friction out of most critical resident touchpoints.
Summarising- 12 BEST RENT REPORTING SERVICES
- BOOM
- RENT REPORTERS
- LEVELCREDIT
- CREDIT RENT BOOST
- ROCK THE SCORE
- RENTAL KHARMA
- ESUSU RENT
- PAYMENT REPORT
- CREDHUB
- RENT TRACK
- PAY YOUR RENT
- ZEGO
Conclusion
In conclusion, rent reporting services are quite important for both tenants and landlords in terms of credit building. These services connect rent payments with good credit scores to help people improve their finances. Renters can choose from various options, such as Boom, Rent Reporters, LevelCredit, Credit Rent Boost, and more, to meet their needs. Landlords can attract reliable tenants by providing these options. As we get closer to 2023, it will be important to have rent reporting services. These services will help with financial inclusion and make it easier for people to secure a better future.