If you’re currently renting, we have GREAT NEWS, you can now build your credit paying rent! That’s right, your rental history can now be added to your credit report! This is HUGE!
Build your credit paying rent!
If you’re paying rent, this is most likely your biggest monthly bill (often times MORE than what a monthly mortgage payment would be) but the problem is it doesn’t report to any of the credit reporting agencies? Right now you’re NOT getting any “CREDIT” for paying that ENORMOUS monthly rental payment, until now!
You can now add either 1 or 2 years of past rental history to your TransUnion credit report. You also have the option of adding ongoing monthly rental payments as well to continue building good credit moving forward! This is a great way to add a positive trade line to your credit report for something you’re already paying for each month.
Why is this such a great idea?
Often times renters are lacking trade lines or open accounts and they are not able to open any new accounts due to credit issues. By adding an open account, you already have, like your rent, you are now adding a positive trade line to your credit report while NOT taking on any additional debt.
It’s important to note that good payment history makes up 35% of the credit score. On time payment history, like your rental payment history, combined with low debt to credit limit (30%) will have a very positive impact on your credit scores.
Does reporting your rent really work?
One of my clients reported that after adding 2 years of past rental history to her credit report in approximately 45 days her score had increased 85 points. I am also hearing reports as high as 135 points PLUS. So this program is working quite well and getting some pretty great results!
If your trying to build your credit score AND your renting, why not give it a try?
Click here to learn more,