Credit Repair Vs. Credit Reporting

Your credit score is one of the most important metrics in your financial life, and when it comes to improving it, it may seem like there are a seemingly endless number of services out there to help you achieve an improved credit score. To determine which one is best depends on the where your credit score is, but most often the two most popular services to improve credit scores are credit reporting services and credit repair services. Despite what most people believe, these two are vastly different, and in today’s post, we are going to go over each one to help you determine which is best for you.

What Is Credit Repair?

If you have bad credit, it is likely that your ears perk up when you hear or watch advertisements for credit repair companies. You may be tempted by offers to increase your credit score, remove negative marks from your credit file, or create a new credit identity. But what exactly is credit repair? Credit repair can involve fixing your bad credit in any way, shape or form, but typically it involves the process of disputing errors on credit reports. While credit repair is a legal right, finding legitimate services is a whole different challenge, as there are many credit repair scams that pose as genuine services.

What Are Credit Reporting Services?

If you have ever owned a credit card or applied for a loan, then you have a credit history. Your credit history is compiled and maintained by companies called credit reporting agencies or credit bureaus. These agencies or bureaus collect your credit history from credit card companies, banks, and mortgage companies to create a detailed credit report. The information in that report is also used to calculate your credit score. Unlike credit repair services, credit reporting services do not remove negative marks, they only report payments to improve your credit score.

Why Try Rent Reporting Services With Credit Rent Boost?

Credit agencies and bureaus will include rent payment information in credit reports if they receive it. For tenants and properties that work with Credit Rent Boost, our credit rent reporting service will share residents rent-related payments with TransUnion, helping them build their credit. Our rent reporting service, although it does not eliminate negative marks from your credit report, can be faster at improving credit compared to other credit repair services.
Credit reporting from Credit Rent Boost is a win-win for tenants and landlords offering the following benefits:

  • By making on-time rent payments, tenants can build their credit history to help increase their credit score.
  • With an on-time payment incentive for tenants, landlords and property managers will likely see an improved cash flow.

This is an essential differentiation because credit reporting is used as an incentive and a draw for reliable tenants who will make on-time rent payments. And, in addition to reporting your current rent payments, Credit Rent Boost is able to report up to the last 24 months of past rent payments, helping those enrolled build a strong credit history  — something most rent reporting services do not offer. If your looking to build your credit for something you already do — paying rent — then credit reporting is the way to go. And, by signing up for Credit Rent Boost’s services, tenants can start building a better credit history to improve their credit score, increasing the likeliness to get approved for loans, cars, houses, and other big investments. To learn more about credit rent reporting and how Credit Rent Boost can help you, contact our customer support representatives.

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