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New Member
Posts: 8
Registered: ‎04-15-2007
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Landlord reporting lease payments

We signed a lease option to own for one year.  At that time half of our rent paid over the year goes towards either purchasing this home or a newly built one.  Our Landlord told us that by renting for 1 year that would help boost us some "CURRENT POSITIVE" credit which was something we were lacking.  I pulled my credit report on Sunday and nothing has been reported for the last 9 months.  I e-mailed him and asked him if he would please report to all 3 beuro's. 
Here is his reply. 
 
I am looking into it but I am not sure if credit agencies will accept rental payments in their scoring criteria. What is often necessary when you are in the mortgage application process is that your lender will want to see a history of on time rental payments.
 
To prove this to them you may have to produce cancelled rent checks so it's very important for you to pay by personal or cashiers checks and be sure to date the check for the first of the month- WHATEVER date you actually write it. Mortgage companies will not accept payment by money order for example, as evidence you have made your rental payment.
 
Is this true??  I was under the impression he could report our payments if he chooses too.  He definetly would report if we were late. 
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: Landlord reporting lease payments



liltxrosebud1968 wrote:
We signed a lease option to own for one year.  At that time half of our rent paid over the year goes towards either purchasing this home or a newly built one.  Our Landlord told us that by renting for 1 year that would help boost us some "CURRENT POSITIVE" credit which was something we were lacking.  I pulled my credit report on Sunday and nothing has been reported for the last 9 months.  I e-mailed him and asked him if he would please report to all 3 beuro's. 
Here is his reply. 
 
I am looking into it but I am not sure if credit agencies will accept rental payments in their scoring criteria. What is often necessary when you are in the mortgage application process is that your lender will want to see a history of on time rental payments.
 
To prove this to them you may have to produce cancelled rent checks so it's very important for you to pay by personal or cashiers checks and be sure to date the check for the first of the month- WHATEVER date you actually write it. Mortgage companies will not accept payment by money order for example, as evidence you have made your rental payment.
 
Is this true??  I was under the impression he could report our payments if he chooses too.  He definetly would report if we were late. 


 
In order for him to report payments of any kind, he must be a member of at least one of the reporting bureaus.  Landlords don't generally report payments.  That being said in a rent to own situation a porton of the amount paid toward the lease agreement is held in a make believe escrow and represented as a down payment at the time you want to purchase the home.
 
I would reread the contract

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