Your credit report and your credit score are very important. Each affects your ability to get loans and financing, qualify for lower rates, get approved for credit cards, and much more. As you build credit, lenders will use your credit score to gauge the likelihood that you’ll pay back a loan and/or pay bills on time.
You’re probably aware that bank loans, car payments, and house payments will show up on your credit report. If you pay these guys on time, you build credit. If not, your credit score goes down — it’s that simple.
But did you know that there are other ways to build your credit? When you add new, positive information to your credit report, you can raise your score. It can even help to offset not-so-positive payment histories.
How to build credit by paying rent
At Datalinx, we understand how important it is to build a solid history of consistent, on-time payments. You shouldn’t be penalized because you don’t own a home or make mortgage payments. We believe that if you’re a responsible renter and pay your rent on time every month, you should get credit for that on your credit report.
If your landlord reports rental payment data the credit bureaus, your payment history is included as part of your credit report. The credit bureau will take that information into account for certain credit scores. This will help you to establish and/or build a solid credit history — just by paying your rent on time.
How do we get your rental payment data?
Datalinx receives rental payment data every day from property management companies, owners and landlords. Do you know if your property manager reports rental payments? Just ask. If they are, great!
If they’re not, refer them to us. We’ll help them get started and help you build your credit in the process.
Need help? Contact us through the form on the right and we’ll be in touch.
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