06 May How Much Will My Credit Score Increase?
You can contact these rent reporting services and ask if your landlord has signed up. If not, you will need to use one of the services above.
As with most credit building tools, people with a thin credit file or limited to no credit will see the most significant credit score increase because they have no credit history.
People with thin credit files (no credit or limited credit) report seeing their credit score increase by up to 100 points.
If you have bad credit with a lot of credit history, rent reporting will be good for the long-term credit building game, but you won’t see as big of a boost as someone with a thin credit file.
There is no universal best-fit rent reporting company for everyone. However, almost all clients are looking for pretty much the same thing: the biggest credit score boost with the least expense and hassle.
We used a set of criteria to evaluate over 15 rent reporting companies online and then narrow loansolution.com/installment-loans-md it down to the five best. All of the companies covered in this article scored exceptionally well.
Budget matters even more while working to increase your credit score. Any savings can go directly to paying off past debts. While it is not the only factor, cost became a key deciding factor.
We looked at total cost for 24 months past rent, as well as ongoing monthly costs to find the best services for the greatest value. All the companies that made this list also offer a money-back guarantee for added security, although the fine print on those guarantees varies.
We choose companies that offer the option of reporting past rental payments. While there are companies that report only rental payments moving forward, reporting past payments as well will extend your credit history and give you a more significant credit boost.
This is useful for anyone who shares a house or apartment with a roommate or spouse. The option to boost credit scores simultaneously is ideal for couples looking to apply for a mortgage in the near future. When you add another person, the additional costs are minimal, making this an important feature in selecting the best rent reporting companies.
Online reputation is a significant factor in distinguishing companies with otherwise similar services. It is a limited tool. Reviews sites do everything they can to assure that reviews are legitimate, but it’s still possible for companies to seed positive reviews for themselves and negative reviews for their competitors.
While we didn’t weigh it as heavily as the other features, we did give companies a bonus if they offer extra features such as expedited reporting, utilities or cell phone service reporting, discounts for multiple renters, and even a rent relief program.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements, or recommendations expressed in this article are those of the author alone, and may not have been reviewed, approved, or otherwise endorsed by any of these entities prior to publication.
- Some services ask you to pay your rent to the rent reporting service. They pay the landlord and report the payment. You may have to pay the service several days before your rent is due to assure timely payment.
If you have bad credit with a thick file don’t expect much more than a 25 point gain from the 24 months of back reporting
They also offer easy subscriptions for two or more renters. You can get a $10 discount on two renters and a $30 discount on three renters with an annual subscription. If you’re in a hurry, they offer expedited reporting for a $100 fee.
Six months of past rent, plus the signup fee and your first month will come in at only $. Rent Report Team is a good choice for someone who is unsure about rent reporting and wants to try it without a big financial commitment.
Your landlord or property manager must be enrolled in the program for you to be eligible to have your rental payments reported by the following companies: