How to add rent and credit reports to your credit report?
If you do not have any credit history, you sure have known the exact amount of rent you transferred every month. But that does not add up or is visible to the credit reports. Therefore one can join or go for credit services to look into or add to the credit scores. If you wish to use these credit report services, you need to know the bureaus who will submit your payments to the credit scores.
Do rent payments affect credit or not?
Three bureaus are going to add up the rent payment information to the credit scores or reports. These are Equifax, Experian, and Transunion. The primary purpose of credit reports is to add these reports to the credit scores. FICO and Vantage score is essential to credit scoring companies. Both of these have different guidelines to follow while shifting the credit report information into the credit scores.
The FICO Credit scoring company doesn't allow the rental payment information to be added while calculating the credit scores. While the latest versions of FICO such as FICO 9 and FICO 10 involve adding rental payment information into the scores. While the significant competition of FICO, the Vantage scores also add up the rental payment information into the credit scores.
Services that will report your rental payment
We have jotted down the independently use services that can help report your rental payments for you. Take a look at the following:
- First of all, we have rental reporters. You have to submit a one-time fee of approximately 95.99 dollars, and it involves two years of rental payment. The monthly rental fee is 9.55 dollars for this and is relocated to Transunion or Equifax.
- Next is rental kharma. This rental service takes 50 dollars primarily to establish up. This immediate payment involves the previous six-month history of the rent. The fee is 8.55 dollars per month, and you can transfer it to Transunion.
- You can also use the level track. This level track requires only 6.99 dollars to report or relocate your rental and utility scores to the Transunion. You can fee individually to know about the previous year's history regarding fees and other rental payments.
- Rank the score is another handy option. You have to pay 25 dollars to get into this service. Later you can pay 8.98 dollars month wise. You can pay an additional cost of 99 dollars to know the previous year's history or rent.
- Esusu is a mobile app, and you can be an independent renter with the submission of an annual fee of 50 dollars only.
- Last but not least, use credit my rank with the set-up of 65 to 123 dollars and a monthly fee of 6.95 dollars only. And the scores information will be added to Transunion.
For landlords following are on the list.
You can use Clear now, payment reports, or pay my rent. Clear now withdrawals credit from the landlord saving accounts. Payment reports take 29 dollars monthly to show the previous rental history and transfer the information to Equifax. At the same time, Payment fee varies with the amount or way of rent being paid by the owner.
How to select a rent reporting service?
Check whether your availed property manager is already in touch with any service or not. If yes, you can achieve information or help through his knowledge of services.
The following questions that you can ask are
- For 24 months, how much fee monthly or for setting up has to be paid every time?
- How can you or we protect personal information?
- From the essential three bureaus which one is the most substantial or essential one
- Whether there’s any free access to these companies, the above three mentioned
- How long is it going to take to receive the information?
- Can we cancel the service?
- what other option could be tried if there’s a problem or fight with the landlord as the renter can withhold the payment in case the landlord fails to repair the breakages or mishaps of the unit house
All the above questions are appropriate and fundamental right to be asked by the property manager or the service you are selecting. Rather than putting your credit information at risk, it is essential to have a thorough knowledge.
Does paying rent build credits?
Guess what paying rent will not add to building up your credit but reporting the rental payment can add substantial credit. If you are new to this, you must know this necessary information. It will help you a lot.
Transunion followed 1200 followers so far in 2018 as they help figure the rent payments. According to research, there's an average of score 16 points for six months.
If you decide on renting you can receive rental information on your credit report. Sometimes the landlord asks for payment history from reporters. If you want to look at other ways to add credit, you can use other options.
- Based on other people's credit cards, you can become an authorized credit user.
- You can also achieve a secured credit card.
- You can also take or build a credit loan.
How can we build credits through utility bills?
Although utility bills are not essential to add to your credit scores, if you wish to add these utility bills to your credit scores, you can take help from Experian. Experian can verify the bank information or other basics to help you review your credit score information. However, it is entirely up to you to add this information into it or not. The choice is yours. Usually don't add up their utility bills to the credit scores because these are not considered utility accounts. For these bureaus companies that can help you are Experian or Transunion. These services can help to add to the credit scores. This way if you are giving or paying regular payments, you can access your financial condition and looks at what's essential to change or not.