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Can my landlord report my rent payments to the credit bureau's?

Established Member

Re: Can my landlord report my rent payments to the credit bureau's?

Hmmmm....this Clearnow website is interesting. I think it DOES report to all 3 agencies AFTER 4 months of good history. Here is a clip of their FAQ's:

http://www.clearnow.com/staticHTML/faqs.htm



Does ClearNow report payments to credit bureaus?
Yes. ClearNow currently reports ClearNow rent payment data to Pay Rent, Build Credit, Inc. (PRBC). PRBC is a credit bureau that produces a PRBC Report and Bill Payment Score that may be used to supplement the credit reports and scores from Equifax, Experian, and TransUnion. Visit www.PRBC.com for more information. We will notify you when we can report data to other bureaus such as Equifax, Experian, or TransUnion.

How does credit reporting work?

1. Tenants provide consent to ClearNow to have their ClearNow rent payment data reported. ClearNow reports rent payment data made while a tenant is enrolled in ClearNow.
2. For successful rent payments through ClearNow, nothing needs to be done. For debits that fail or are blocked, you must update your tenant's ClearNow payment record (via your ClearNow account) before ClearNow will report that information.
3. ClearNow will first report data to credit bureaus after four (4) consecutive months of data are complete. Thereafter, ClearNow will report complete rent payment data on a monthly basis.

Is there an additional fee for credit reporting?
No.

What are the benefits of reporting to credit bureaus?
As the landlord, you may find it easier to fill your vacancies since you will be helping tenants build their credit history. Also, to build good credit, tenants will want to be timely on their rent payments, which is certainly a plus for you.

For tenants, building a good credit history is important. By having a positive history, tenants can demonstrate their fiscal responsibility and thus receive competitive rates on mortgages, loans, and other purchases.
It is only the poor who pay cash, and that not from virtue, but because they are refused credit. - Anatole France

FICO Scores (1/6/13): EX 642 and TU 670
Message 11 of 16
Moderator Emeritus

Re: Can my landlord report my rent payments to the credit bureau's?

nolimits,
 
That's not how I read that.  The key sentence is:
 
We will notify you when we can report data to other bureaus such as Equifax, Experian, or TransUnion.
 
...which I take to mean that they currently cannot, and do not.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 12 of 16
New Member

Re: Can my landlord report my rent payments to the credit bureau's?



cheddar wrote:
nolimits,
 
That's not how I read that.  The key sentence is:
 
We will notify you when we can report data to other bureaus such as Equifax, Experian, or TransUnion.
 
...which I take to mean that they currently cannot, and do not.
 



That is how I read it as well. It would be lovely if they did report it to the 3 but it looks like they don't
 
Although I would love to hear back from the person that mentioned it. If the cost of this service is $14.95 a month or something like that for my landlord to use I would be more than happy to front the cost if it would help my FICO score somehow.
There is no such thing as a free lunch unless you use coupons.
Message 13 of 16
New Visitor

Re: Can my landlord report my rent payments to the credit bureau's?

ClearNow can now report Experian.  

 

http://www.experian.com/blogs/news/2012/05/16/clearnow/

Message 14 of 16
Frequent Contributor

Re: Can my landlord report my rent payments to the credit bureau's?


youngcrv wrote:

ClearNow can now report Experian.  

 

http://www.experian.com/blogs/news/2012/05/16/clearnow/


On-time rental payments now help boost credit scores

In December 2010, Experian® became the first credit reporting agency to include on-time rental payment data on its credit reports. This unique data set, collected by Experian RentBureau and reported on Experian credit reports, can empower many Americans to build their credit history. Simply by paying their rent on time, responsible renters — including students, immigrants and displaced homeowners — may now have the opportunity to gain access to mainstream credit products that they deserve.

Key Benefits to Consumers
  • Establish or rebuild your credit history — You now have the opportunity to make your consistent on-time rental payments count toward establishing or building your credit history
  • Improve your ability to qualify for credit products Your on-time rental payment history can be leveraged when applying for credit products and services

Because your rental payment history is now part of your standard credit report, it may be incorporated into certain credit scores.  This will allow many who previously didn't have a credit history to become scoreable for the first time and begin building and rebuilding credit through the responsible payment of rent.

 

http://www.experian.com/rentbureau/rental-payment.html

Message 15 of 16
Super Contributor

Re: Can my landlord report my rent payments to the credit bureau's?


AZHeather wrote:

youngcrv wrote:

ClearNow can now report Experian.  

 

http://www.experian.com/blogs/news/2012/05/16/clearnow/


On-time rental payments now help boost credit scores

In December 2010, Experian® became the first credit reporting agency to include on-time rental payment data on its credit reports. This unique data set, collected by Experian RentBureau and reported on Experian credit reports, can empower many Americans to build their credit history. Simply by paying their rent on time, responsible renters — including students, immigrants and displaced homeowners — may now have the opportunity to gain access to mainstream credit products that they deserve.

Key Benefits to Consumers
  • Establish or rebuild your credit history — You now have the opportunity to make your consistent on-time rental payments count toward establishing or building your credit history
  • Improve your ability to qualify for credit products Your on-time rental payment history can be leveraged when applying for credit products and services

Because your rental payment history is now part of your standard credit report, it may be incorporated into certain credit scores.  This will allow many who previously didn't have a credit history to become scoreable for the first time and begin building and rebuilding credit through the responsible payment of rent.

 

http://www.experian.com/rentbureau/rental-payment.html



This applies only to certain FAKO scores.    FICO scoring does not currently include Rental accounts in scoring, and there hasn't been anything published to indicate that FICO will do this in the future.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 16 of 16