Similar to reporting credit, you can now report rental data to the credit bureaus and have it appear on the consumer credit report as a regular tradeline.
Trans Union is the first bureau to begin offering this service (see article below) and have partnered with Datalinx, LLC to help their customers convert their data into the Rental 1 format for monthly reporting.
To get started you need to sign a data furnisher’s agreement with Datalinx as well as provide some basic documentation in order to verify your business. Once approved Datalinx will work with you to generate a file from your system that they can convert into the Rental 1 format and begin sending to the credit bureaus. If you don’t have a system in place, Datalinx will provide you with an Excel template to fill out and send in on a monthly basis.
The biggest benefit for you is having your rental data show up on the consumer’s credit file. In addition, Trans Union is one of the only bureaus allowing rental data to impact the consumer’s credit score. This encourages residents to prioritize their rent payment over other bills that may not be reported to the bureaus, reducing delinquencies and increasing your recovery efforts.
Please contact us at (425) 780-4530 or by email at email@example.com for more information on reporting rent payments to the credit bureaus.