Expert: Rent reporting could boost your credit score by up to 150 points
An expert says rent reporting services can add positive information to your credit report — even without a landlord’s involvement
(InvestigateTV) — Traditionally, taking out a loan or using credit cards is how credit history gets reported to the credit bureaus.
But John Kiernan, managing editor at personal finance company WalletHub, said that is not the only way to build credit — especially as more people rent for longer periods of time.
“WalletHub offers rent reporting. You can get your rent payments reported to TransUnion every month without any landlord involvement and it will add positive information to your credit report,” Kiernan said. “So, you basically just need to sync your checking account, and the service will identify your rent payments and relay them to TransUnion.”
How rent reporting works
According to TransUnion, only about 13 percent of renters get their rent payments reported to the credit bureaus. Renters can research different services and enroll in rent reporting, sometimes through an app. In other cases, a landlord or property manager may offer the service.
Kiernan said the impact on a credit score can be significant.
“There’s been some research done by VantageScore that found that reporting your rent payments can increase your credit score by up to 150 points," he said. “And if you don’t have any credit history to start with, reporting your rent payments can generate a credit score for you basically right away.”
Shopping for a service
Kiernan said renters should shop around for a rent reporting service to find the best fit. Utility bills — including electric, water, gas and phone — can also now be reported to help build a credit score.
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