RentPlus - Reporting Rent To Credit Reports?

[Anonymous]

Anyone ever heard of http://www.rentplus.com/

https://youtu.be/zBnf9nGuqHs

My leasing office is offering it now for $5.95 a month and I jumped on board asap. Will this look good for my past year of renting when I want to get a mortgage come end of the year? Also with Autoloans as well?

[RonM21]

If they report the payments, sure on time payments can help boost the profile. I don't know what effect it has on your score though.

[Anonymous]

How does it report?  Line of credit?  Installment?  ???  Their website says it reports to "select" credit reporting agencies.  Does that mean not the big 3?

 Reading more online it looks like Transunion and Experian were working with companies like this to report rent to boost users credit score.  So...if it is a seperate entry, then it will have no affect on FICO... Basically very useless unless you find a lender that pulls a report that can translate rental payment. 

[Anonymous]

Thats what im wondering too how does it report. I talked to an agent and they said say for instance you paid 1k a month for rent for the past year they would show the history of 12k backdated so your tradeline would be 12k but is it a mortgage...loan etc

They start with TU then i believe they are in partnership to report with EX and EQ shortly after.

[Anonymous]

Yeah the profile not score.thats still good though

[takeshi74]

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@Anonymous wrote:

AWill this look good for my past year of renting when I want to get a mortgage come end of the year? Also with Autoloans as well?

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You need to ask your creditors.  Talk to your mortgage lender.  Talk to whoever you intend to get your auto loan from.  Don't just assume that all creditors are idenitical and have identical underwriting criteria.

Even if this was beneficial your entire credit profile matters -- not just this one item.  If you have issues then work on addressing them.  Don't count on a new account to solve your problems.

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

AWill this look good for my past year of renting when I want to get a mortgage come end of the year? Also with Autoloans as well?

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You need to ask your creditors.  Talk to your mortgage lender.  Talk to whoever you intend to get your auto loan from.  Don't just assume that all creditors are idenitical and have identical underwriting criteria.

Even if this was beneficial your entire credit profile matters -- not just this one item.  If you have issues then work on addressing them.  Don't count on a new account to solve your problems.

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I have no issues but thought people should know about this because end of the day this looks good no matter what on anyones credit profile. Just talked to a mortgage lender today and they said this is a plus and if pulled off would help a lot.