Outstanding Rental Payment History Can Overcome Bad Credit
Rental payment history added to your credit report can increase your credit score.
Many of us have experienced situations that led to late payments to creditors, resulting in lower credit scores. However, despite these challenges, you made every single rental payment on time. The landlord was pleased with you, while the creditors, who experienced late payments, felt differently.
Those on-time rental payments were not reported to the credit bureaus.
Let's suppose your circumstances have changed, and things have improved. Suddenly, life presents you with a challenge that necessitates a change of residence. You discover a new location that is suitable for you and your family.
Once you start the application process and pay the necessary upfront fees, it's time to review your credit report. During the follow-up interview, the landlord will ask questions about the credit tradelines on your Equifax, Experian, and TransUnion credit reports. If there are any tradelines with late payments, the landlord or leasing agent may hesitate to offer you a lease. This might make you feel uneasy and doubt whether you will be approved.
The landlord or leasing agent suddenly notices a tradeline on your credit report labeled as RentReporters. This tradeline demonstrates your on-time payment history for the past 24 months regarding your rent. Now, both you and the landlord can reach a mutual understanding.
This is your chance to honestly explain any challenges you have faced and emphasize your commitment to paying rent on time, which will make a good impression on the landlord or leasing agent.
It is important to note that landlords and leasing agents maintain strong relationships. They communicate with each other to validate rental history and tenant satisfaction.
Build your credit by adding your rental payments. Rental payment history added to your credit report can increase your score by 40 points in 10 days.
