Should I Opt In For Landlord to Report to Credit Bureaus?

[Anonymous]

They said I can opt out at any time. Will this count as a installment loan or how does it work? My current score is 730-740; will this help me much? I have 6 bank credit cards and 3 store credit cards and no installment loans (they are all closed and paid as agreed).

Edit: It looks like it is a waste of time as it's probably not part of FICO 08 scores. It looks like this is for people who have zero credit and I am not one of them. Also, I don't want to have to fuss over it if they report late or don't report at all. The reporting is FREE! by the way.

[SouthJamaica]

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@Anonymous wrote:

They said I can opt out at any time. Will this count as a installment loan or how does it work? My current score is 730-740; will this help me much? I have 6 bank credit cards and 3 store credit cards and no installment loans (they are all closed and paid as agreed).

Edit: It looks like it is a waste of time as it's probably not part of FICO 08 scores. It looks like this is for people who have zero credit and I am not one of them. Also, I don't want to have to fuss over it if they report late or don't report at all. The reporting is FREE! by the way.

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Don't.

Yes it would make sense for people who have zero credit history.

It's not part of FICO8 but supposedly is part of FICO9, which as near as I can tell is not in use yet.

[RonM21]

That makes sense not to do it yet if it's not included in Fico8.

[RobertEG]

Opting in or out applies to removal of the ability of a CRA to include your name in screening listings provided to creditors who wish ot make unsolicited offers for credt.

Opting in or out will have no effect on ability of a furnsher to report to a CRA.

They are apparently offering to report or not based on your imput.

The use of the term opting out is confusing, as it has a different meaning under the FCRA.

[Revelate]

Guess I'm an outlier, if I could get my positive rental history from when I was renting for 20 years onto my credit report, I'd absolutely do it.

Just because it's not factored into FICO 8 is irrelevant in my opinion: credit optimization is not a short term project and eventually (within 10 years) something will have supplanted FICO 8 as the dominant pull in my estimation.  Why not take the several year head start on the tradeline if you think you might want it there at all?

If you don't want it on your report, then don't, but if you do, don't not do it just because it isn't factored into the current major use credit scores... it's same theory as if you can gain a credit card that you want currently, the best application time is literally right now; time passing is the only constant in the algorithm, and waiting is just wasting that resource.  Age is a good thing.

[Marcos8]

Maybe it's too early to tell but how does rental history show up on a credit report? If you sign a one year lease at a certain rent per month is that total value listed kind of like an istallment loan that decreases the same amount every month?  Does the outstanding balance on the lease term reflect on your total debt owed? 

[Anonymous]

I wouldn't bother. Most opinions on the web says it doesn't affect your FICO 08 credit score, at least with bank creditors. Besides, I don't trust them because I don't want to go through the hassle if they said I paid my rent late. Regardless, it's a hassle to me.