Rent Reporters .... does it help your score???

[dlefkowi]

I recently signed up with Rentalkharma.com, paid fee of $29 for two years of service according to the site, the concept seems great and it was overall fairly easily to load my last two years of rental history up. Seemed to run into a snag on verifying the second lease and their website had a  few minor technical issues with uploading the docs but after some calls and emails to them we got it figured out. My problem is now when I originally researched this, several news articles including one at the Wall Street Journal and Microsoft money stated it would be reported to Transunion. However now rental Kharma states on their site and I confirmed via email (apparently it was the owner who responded, as I googled who started the site) that they some how "lost" the deal to report to TU and it states on thier site that all rental payment history will be factored into the Fico A expansion score. https://rentalkharma.com/faqs-for-building-consumer-credit/

I am not familair with this score, how does it defer from the regular fico? 

I am a little frustrated with the changes of them not at least being able to report to TU but after researcing ( and I run a small business where we have been trying to get set up to report on installment loans for our customers for 8 months!) I understand the 3 CRA can be a little fickle so I am trying to have patiaence while rental kharma is working with the 3 CRAs to be able to report. I think its only a matter of time before one of the 3 CRAs will allow it and fico will recognize it, other wise rentalkharma will become obsolete. For now I am going to wait and see what happens with rental kharma, and simliar options like rentreporters

[ShanetheMortgageMan]

Haven't heard of the FICO Expansion Score.  http://myfico.custhelp.com/app/answers/detail/a_id/226/~/what-is-an-expansion-score-%3F has some details on it though. 

[dlefkowi]

Yeah I looked into it (fico expansion)more and its a joke.. only for ppl whit no credit, except no real lenders would or actually do use it..

Decided I'm going to give rental karma a little more time to see if they can produce on their false advertising and actually get any of the 3CRAs reporting. In meantime I have also sent a email to rent reporters asking for clarification on which of the CRA s they report to.

[Anonymous]

These services may be okay, but they appear to have limited affect on your credit score according to what FICO told us. The major credit bureaus tell us they don't use them. Take a look at our report on ConsumerMojo.com:  http://wp.me/p2XIOE-1Nx

[Anonymous]

correct answer is it does not. so why did you say it does?

[Anonymous]

Let's be very clear on this topic. It in no way helps your score as of current times. According to rental Kharma (me being a customer) it helps your Fico "expansion score" a score you your self  are not able to see on any of your reports. According to Rental Kharma only lenders are able to see this information. How true this is I guess I will  have to buy a house to find out. Long story short keep your money in your pocket and keep your canceled checks for your own verification.

[ShanetheMortgageMan]

Recently I helped a client whose rental management company reporting the rent history through EDC (Experian Data Corp.) on Experian only.  Listed it as an installment account with the notes of "Residential Rental" underneath it.  Found a little more info about it on this .pdf  www.becovic.com/CreditReporting101.pdf

Apparently reporting of the rent was part of a feature that came with their software - http://www.appfolio.com/

[dlefkowi]

Well I still have not seen anything from RentalKarma on my TU or anywhere. But I did end up setting up with William Paid to have my rent go thru them and reported to experian. It is now on my experian and I am not sure it is helping my acutal Fico, but i believe it will help with other forms of credit, i.e. like ability to handle a $1200 monthly payments, highest line and payment history. So when I do apply for a mortgage lenders can see pay history there with no questions etc. Figure it can't hurt.