Please let me know if you have used any of the companies to report your rent payments. Does this really work to help increase your score?
The quick answer is, well, it depends.
The types and number of accounts you have on your report can make this worthwhile....or, not. Example, many people have heard of things like Self-Lender, where you're basically making payments to yourself in exchange for positive credit history being reported. But if you have an installment loan already on your credit in good standing, the net effect from a Self Lender account won't be as great. BTW, I am currently using Self Lender myself and it has helped.
It also depends on other factors too, like average age of credit on your report. If you have long-standing credit showing up and it's positive, reporting rent probably won't help you so much. Another issue to consider is the cost. Companies that report your rent to your credit are not doing it for free. Cannot remember the name of it now, but one such place was discussed in here not too long back and the cost just seemed too high to make sense to me. Also, some apartment complexes are already doing this. I know a place here locally that will report your positive payment history for $5 a month, which is nothing when you're trying to rebuild.
Best suggestion I could give is make sure you check out whatever company youre considering going with before you sign up. And shop around, you might just find a less costly alternative.
You'll see here that FICO 9 considers rent payments (assuming they are actually on the report) but FICO 8 and earlier models do not.
Most CC issuers and lenders are not using FICO 9 at this time, though the number that are is increasing.
If I were you I would use other techniques in preference to rent, even for FICO 9.
There are different options and you are right about them don't doing it for free. Good insight on the overall impact as I am not sure it would help me specificlly. I will have to research this one a little bit more. Thanks for the insight!