Rent payments can add 40 points to FICO scores

[Anonymous]

"The average score of the participants increased by 42 points, going from a credit score of 616 to 658, on the cusp of being considered a prime borrower. Prior pilots that CBA worked on showed a 23-point average increase among renters."

Your landlord could help you add 40 points to your credit score

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There's not a lot of details. The pilot program is being run by Goldman Sachs in partnership with Credit Builders Alliance.

There's mention of TransUnion and '24 months of rental history', so this might be a TU only thing.

I know that utilization on my credit cards definitely has a memory on my TU report pulled from annualcreditreport.com.

I can see each month's high balance and utilization, along with the date of my payments, so they're ready for the VantageScore 4.0 trended data tracking.

[Anonymous]

Gotta admit that the 40 point increase would be nice for only adding that one account, though I suspect that number is YMMV situation.

So it would be nice if more Landlords got on board with this, as most only report the negatives to CRs.

However, that means your rent is reported. So no chance of leaving it off on an app, as they would then see that you do pay rent.

[coreysw12]

I added my apartment with 24 months or payment history to my credit reports. Didn't really make any difference to my score. YMMV. For me, it sorta felt like I wasted money and time trying to get it added, and it didn't really do much. Ended up cancelling the service I was using to do it.