There once was a time, not too long ago, when paying rent didn’t have much to do with your credit score. Obviously, missing rental payments could always — and still can — damage a tenant’s credit score, but what happens when tenants pay their rent on time? From a legal standpoint, absolutely nothing. However, the good news is that with Credit Rent Boost, enrolled tenants are about to build their credit history simply by paying their rent on time.
- Help increase credit scores just by paying rent
- Residents can build their credit history and potentially improve their credit score without taking on additional debt
- Having a positive credit history and a high credit score has many benefits including the opportunity to get loans with lower interest rates, higher chances of getting approved for a home or car loan, and an easier time getting approved for rental housing.
Credit Rent Boost’s rent reporting service has enabled tenants throughout the nation to see their scores increase by 30 to 60 points — some as much as 81 points! With Past Rent Reporting Credit Rent Boost is able to report the last 24 months of your past rental history. This helps to add age to your credit profile, which in turn provides a greater increase in your credit score. We also offer Current Rent Reporting, which creates a perfect scenario to not only establish a long history of on-time payments but to also show that you continue to pay in a timely manner. What’s more? We work with many tenants that have never established credit before — it is possible for them to get a score above 640 fairly quickly. For more information about our tenant rent reporting service, click here.
- Credit reporting is a differentiating feature for a property and attracts responsible tenants.
- Possible cash flow improvement due to on-time payment incentive for tenants
- Staff saves time when more residents pay online to take advantage of credit reporting
Landlords and property managers can benefit from Credit Rent Boost too! Credit Rent Boost takes a tenant-focused approach to rent payments. Credit Rent Boost is a leader in rent reporting and can report rent payments for your residents to TransUnion. Residents can also view their credit score and profile. We work with owners, landlords, property managers, and apartment complexes of all sizes! Whether you own a home or manage a portfolio of 1000+ properties, we can report your residents’ payments. To learn more about our landlord services, click here.