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Experian Rent Reporting

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alleycat1975
Regular Contributor

Experian Rent Reporting

So to make a long story short.  In May I rented a Condo with a gentleman whom I'd been with for a year and a half that decided to cheat on me the very day we moved in.  Lease is in my name..   Rental agency WILL let me out of my lease as long as i have a new renter and so far July is coming up and they haven't approved anyone yet.  grr... so here I am getting ready to have to pay $1000 on a condo thats empty.

 

My question is this:   July is a 3 pay month for me and it would be so much easier for me to pay this July rent on July 15th.  However, they say rent is considered late after the 4th of the month.   I recognize that I'll pay a late fee and all that but they DO report to Experian BUT:  Does Experian only report if its 30 days as in like an installment loan or  credit card, or is it going to be listed as Late after the 4th?   I can deal with the late fee but I want to buy a house the end of this year and don't want to take a hit on my credit report!!

 

Thanks April

Message 1 of 5
4 REPLIES 4
CBuff
New Contributor

Re: Experian Rent Reporting

I can't answer on the reporting question, but I have a suggestion: talk to the rental agency and see if they would be wiling to do a payment plan for this month.  I was in a similar situation with my ex-husband, he ran off and left me to deal w/ the rent, bills, etc.  I called the property management and made an arrangement to pay half the rent with my first paycheck for the  month and the balance with my second paycheck of the month. 

 

I would think as long as they agree to a payment arrangement and you don't default on it, there would be nothing for them to report. 

Starting scores in 2007: sub 600
April 2011 scores: EXP - 662; EQ - 683; TU - 675
June 22, 2011 scores: EXP - 662; EQ - 694; TU - 685
June 29, 2011 scores: EXP -681 ; EQ - 694; TU - 710
Goal: 700+
Message 2 of 5
Anonymous
Not applicable

Re: Experian Rent Reporting

Most landlords do not report to the credit bureaus.. .the cost and burden to do so is just too much. Do you know that your landlord will do so if you are late?

 

I agree with the above poster; contact the landlord and let him know the situation and setup a payment plan for the month. He will be more happy to get the money then not get the money at all.

Message 3 of 5
alleycat1975
Regular Contributor

Re: Experian Rent Reporting

I have a call into them..  Its a large company and they do report..  

 

I guess i have an answer to my own question after calling experian.  A landlord can report anywhere from 1-30 days late..  so Yes, I do need to get that payment into them by the 4th.  Unless i can talk them into letting me slide a couple days.

 

Hopefully we will get a renter in though Smiley Happy  

 

 

Message 4 of 5
rckstrscott
Valued Contributor

Re: Experian Rent Reporting

Just FYI. Experian has a seperate system in relation to rent payments that property companies use. Basically, its an Experian report relating to your rental history, and this will come up when another company that uses their system checks on your past rental history. This is not information that generally goes on your Experian credit report. Experian has their hands in all sorts of consumer reporting, so just using the Experian name doesn't mean it is your credit report. I worked at a property mgmt company for 3 years. Ou leasing agents used simlar tactics to scare people into thinking a late payment will show on their Experian file. We technically weren't lying, but we were decieving them into thinking it would impact their consumer credit report.

 

I would be highly, highly, highly suprised if a 15 day rent late payment shows up on ANY credit file. It can; but generally these companies pay for the rental history and reporting path within Experian, paying for the credit side too would not be cost effective. If you default on the lease and they sue you, of course that can end up on your credit report but generally not a late rent payment.

 

It could however end up on your Experian rental history. Which in and of itself might suck for future apartment rentals, but does not impact your credit report or score at ALL.

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 5 of 5
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