Someone please explain

[Anonymous]

Why isn't renting a house or apt. Credit worthy and reported? Example: If i rent a house for 3 years paying 1,200$ a month Using my income to pay someone else mortgage. In turn improving that persons credit. For some reason unknown to mankind it does't help my credit. But. If I buy a car and make a $250.00 payment per month and i have two credit cards for 3 years. This helps my credit. But making a payment of $1,200.00 a month for 3 years with no late or missed payments is not good. LOL please help me with this riddle.

[myjourney]

Welcome to the forum 

Simply put if your landlord had to pay for reporting to the CB's they'd probably charge you more rent 

So the thinking is why bother although I see your point 

[Anonymous]

Simple when you buy a house or a car the bank is lending you the money to make the purchase. It is your sole responsibility to make payments. When you rent you have no obligation to pay the mortgage, if their even is one. It's your landlords responsibility to pay any loans weather your leasing or not if your lease ends or you break it, its still the owners responsibility to make payments.

[Anonymous]

You make a good point, the only thing I can think of is that you're not really borrowing money and paying it back like a loan. About it not helping your credit history, I guess that's true. But if you move around a lot, it can hurt your credit score. I've read somewhere that it's better to live in the same place for at least 2 years for credit report purposes.

[Anonymous]

A process now exists for rent to be a factor on two of your credit reports, I am very fuzzy on specifics but have heard about it multiple times on the Clark Howard radio show. Your landlord would have to be willing to do it though I assume.

http://www.clarkhoward.com/timely-rent-payments-will-be-factored-your-credit-

[Anonymous]

Just for a point of interest. I am doing some work in another state and decided to rent an apartment over lengthy hotel stays. The complex is actually reporting and updating monthly. I did not ask for this and apparantly it is something they do to help (or hurt) tenants. This could be part of the future of renting...

[Anonymous]

https://www.washingtonpost.com/realestate/tenants-can-now-have-their-history-of-rent-payments-incorp...

Renttrack sounds like what you are looking for. 

[Anonymous]

This is really a good topic for debate.  They [landlords] don't bother but yet when one defaults, they quickly report the default to the bureaus. I'd reckon it should be a two way street where if the good payment history isn't reported then a bad one shouldn't be also.

But then when you really think about it, the landlord has the upper hand and all the power.  They get to do as they please with you - [the tenant] leaving you at their mercy.  The rule for this should be change IMHO if possible as reporting such payments can help one with limited credit.

When you look at the FCRA, it isn't clear cut as to what should should be reported and what shouldn't.  It is muddy at best.

[lindsaydruart]

The down side is reporting bad payment history. I have tenants in one of my houses for 2 years that have never paid on time. Just went to eviction court with them and mediated a payment plan. My account alone with them would tank their credit. Most people would only want rent reported if it is good payment.

[Anonymous]

Another reason is, you do not live in the residence, then get a bill for services later, or, in this case rent. You are really paying, in advance, for the month you are going to be living there. I've rented plenty of places in my lifetime and none have ever reported.