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FICO noted that rental history would be included in FICO 9 when reported. What steps can I take so that my landlord reports it?
There's no reporting requirement, so there's no certain way to get them to do it.
It seems to me that the best approach depends on what kind of landlords you have. Is it a faceless property manangement company that manages a ton of different units? Or is it a nice old retired couple that have a couple of rental properties they manage on their own?
If it's closer to the former, you're going to have to convince them it's in their best interest. I wouldn't know how to do that (and I'm not even sure it is in their best interest -- what's their incentive?)
If it's more like that latter and you have a good relationship with them, then your apporach should be to do all of the research and make it as easy as possible for them -- and then get them to do it as a "favor" for you.
Good luck!
CRAs have fairly strict requirments in order to obtain a credit reporting agreement.
It is not a simple as just sending in their info.
They must show competency in use of the automated Metro 2 coding system, and have the software to handle e-Oscar electronic disputes and upadates.
There are additional requirments, such as min number of accounts, site inspection, etc.,, as well as fees and compliance with their standardized manual.
Once they report, they incur legal obligations to promplty update their reporting and to handle disputes.
Some businesses dont want the hassle, while others dont qualify.
@RobertEG wrote:CRAs have fairly strict requirments in order to obtain a credit reporting agreement.
It is not a simple as just sending in their info.
There may be other options for small landlords. A rent payment service like RentTrack collects rent for landlords and then reports to the three CRAs. There is a fee of course ($9.95/month for a single unit, I believe), and that can be paid by either the landloard or the renter.
(Edited to fix link)
Basically it means the landlord would be paying to report with any service
Which means either your rent will be increased to offset the cost or most likely no reporting due to coming out of the landlords funds ....sad to say
@ttleigh wrote:
https://rentalkharma.com. I think this might be the easiest way since the tenant pays
That's interesting, wonder why they only report to TU though as if you can get it reported to one, isn't a long walk to all 3 as I understand it.
@Anonymous wrote:
@RobertEG wrote:CRAs have fairly strict requirments in order to obtain a credit reporting agreement.
It is not a simple as just sending in their info.
There may be other options for small landlords. A rent payment service like RentTrack collects rent for landlords and then reports to the three CRAs. There is a fee of course ($9.95/month for a single unit, I believe), and that can be paid by either the landloard or the renter.
(Edited to fix link)
Hrm, what does that ~$10 cover? They don't post the property manager fees as that's let's make a deal based on how many units you're bringing, only the renter side.
That though, ugh. 3.25% technology fee, plus any merchant charges (another 2-3%) that either get picked up by the landlord (which is awkward given most rental margins) or passed back to the consumer, the price is just going to have to come down when we're talking 5% or worse increase on people's majority expense just to tack it on a credit report. That sucks.
Maybe one of the big players will get in and drop much of the expense out of it if there's traction for getting rental history on credit reports.