You are a tenant for the last five years and you pay your rent promptly every month but as a tenant or renter, rental payments you make every month are not reported to the credit bureaus. But all that is just about to change for anyone that pays their rents regularly. If you are a renter, please read on and find out how to boost your credit score by paying your rent every month. Good credit is required to build your life. You need good credit to buy a car, house, appliances, furniture, etc. Good or bad credit determines how much money you would pay for your mortgage or car payment and so good credit is essential for everyday living.
How to make your rental payment count
Do you know you can report your rental payment every month just like your credit card
payment? Rent Reporters is an organization that helps renters to report their rental payment every month to the three major credit bureaus namely: Equifax, Experian and TransUnion. Rent Reporters will add a new credit line that can boost your credit score just like car and credit card payments. If your rent is paid when it is due every month, Rent Reporters will help boost your credit score because reporting your rent will help the credit bureaus to factor in your reported rental payments when determining your credit scores.
How does it work?
After signing up for the service, Rent Reporters will ask you to complete their enrollment form. Your rental payment is then verified with your current and past landlords. Records are collected and reported for a period of two years and then every month thereafter. Some of the renters that are enrolled in the program have been able to boost their FICO credit scores and now have their FICO credit scores in the 700s and 800s by adding rent reporting to their credit report.
To start reaping the full benefits of paying your rent on time, simply go here and register for rent reporting. It’s easy and very affordable for almost any budget. The benefits of higher credit scores cannot be overemphasized.
While reporting your rent can be extremely helpful in boosting your credit score, another very important thing to consider while trying to boost your credit score is to have a credit monitoring service on your side. When your credit is down and you are working to boost your credit score, it’s of the utmost importance to know if your efforts are paying off so you can adjust quickly. Credit monitoring services such as Freescores360 will help you monitor your credit report to ensure that what appears on your credit report is accurate. It’s very easy to sign up and they give you all three major bureaus’ FICO scores so you can be on top of your credit reports and scores. Click the link below to give them a try.
