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On time rent reporting... does it help scores??

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Anonymous
Not applicable

On time rent reporting... does it help scores??

Hi! 

I recently signed up to have my on time rent payments reported to by credit reports. Does anyone know if this helps at all?? I'm in the beginning stages of re-building! 

Thanks for any help! 

Message 1 of 6
5 REPLIES 5
Kree
Established Contributor

Re: On time rent reporting... does it help scores??

For me, it didn't.  It lowered my AAoA.  And reported as Revolving with 100% utilization. (this might have been a mistake) It also only reported on TU,  so I could see it killed like 50 points.

 

However, I have a "thick" profile, so YMMV depending on how it reports.

Message 2 of 6
HeavenOhio
Senior Contributor

Re: On time rent reporting... does it help scores??

If it doesn't do something like report as revolving and you have a young file, it should provide evidence that you're responsible.

Message 3 of 6
Anonymous
Not applicable

Re: On time rent reporting... does it help scores??

I signed up for "rent reporting" with rentreporters.com.  I was with them for several months and quite happy with thier services.  However, every action has an equal and opposite reaction.  I was with them several months before I fully absorbed the impact.  Of course, I was just learning about FICO and how I should have been managing my credit for the past many years as well.

 

To begin, I actually received a bump when it showed up because when it appeared, it showed up with 2 years of on-time payment history which helped my AAoA and the number of payments made ontime througout my accounts.

 

However, and here's where I dragged my lip on the ground...

 

This new tradeline showed up with a 0$ balance each month!  Yeah!  However, it was used in my debt-to-income calculations and caused me to look all out of whack.  In fact, when adding in the $1,675 to my d2i, I went from the automatic approval process instantly into manual underwriting for risk assessment.  

 

I cancelled it but it remained... including the impact to my d2i above.  Therefore, I just called last week to have it removed completely and they stated it was no problem. 

 

Good company, good support... just not for me.  Someone wanting to show history... I can see it helping.  Someone wanting to buy a house, I would recommend against it.

 

Good Luck!

 

Your friend in Virginia,

Paul L.

 

Message 4 of 6
Anonymous
Not applicable

Re: On time rent reporting... does it help scores??

Thanks so much for your help! I think I am going to cancel it.. I'm in the rebuilding stage and don't really want to undertake anything I'm unsure of! 

 

Thanks again! 

Message 5 of 6
Anonymous
Not applicable

Re: On time rent reporting... does it help scores??

When I was renting, my apartment complex suddenly made payment only available by PayMyRent (online or thru PMR's app) or by money order. PMR offered a box to check to have my payment info reported to TU for free. While I have no idea if it boosted my score or not, I can tell you my mortgage company noticed 5.5 years of NO LATES on my TU report and the rep told me how nice it was to see and send upline to the decision-makers. Bottom line: whether it increased my score or not, that history at least SEEMED to be a positive factor when it came time for me to purchase my home.

Message 6 of 6
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