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So my landlord decided to use a site called 'PayYourRent' so we can pay our rent online, and don't necesarilly need to drop a check off anymore. This is nice.
I noticed when I was setting up my payment account that I could opt-in to 'Experian RentBureau', where they report on-time payments of my rent using this website on my Experian report.
Has anyone heard of this?
Does it create a new trade line? Will this new account adversely affect my report? What if I'm not the one making the rent payments for a certain month (not my turn)? I may move out in like, 9 months. Thoughts on this?
Honestly, I would not do it. If there are times it's not your turn, and if you are moving out in nine months, there's too many things that could mess you up. Nobody expects to see rent on a credit report and it's really only being offered to help people who have absolutely no other credit to at least show they can pay their rent on time.
@CH-7-Mission-Accomplished wrote:Honestly, I would not do it. If there are times it's not your turn, and if you are moving out in nine months, there's too many things that could mess you up. Nobody expects to see rent on a credit report and it's really only being offered to help people who have absolutely no other credit to at least show they can pay their rent on time.
Pretty much this; the tradelines are used for alternative scoring purposes, and if you can generate a FICO score they're discounted otherwise under the current models.
That may change in the future; admittedly I would've liked to have had my former rent payments on there (hey 10 years never missing a payment, never being late doesn't suck regardless of tradeline type) but what CH7 suggests is right: too many downsides offset the potential upside and as such I'd skip that portion.
