Having a great credit rating is the key to opening several important doors in your life: it will help qualify you for car loans, mortgages, credit cards, and more. A sound, positive credit track record can also allow you to procure bigger loans at better rates. One fairly new way to improve your credit score is the ability to report rent payments.
There are lots of other factors that can make (or break) your credit. Take for example, how you handle your credit cards. From making payments to overuse, opening new accounts, and how long you maintain your accounts open, how do you manage your credit card usage (or not) impacts your credit history.
This is because credit card companies and networks report your card accounts, limits, and late payments to credit agencies. And they report these on a regular, monthly basis. The credit bureaus vet this data to make sure the information is authentic, valid, and protected.
Victim of identity theft?
If you were a victim of identity theft, what did the financial institution or system that issued your card do?
Odds are they quickly closed down that card and issued you a new one. Identity theft is a serious issue. And your privacy and security are of the utmost importance to financial institutions and networks.
In the same way, credit bureaus realize that the accuracy of your credit history is crucial, as that’s what lenders rely on when deciding whether or not to grant you a loan or extend credit to you. This is the reason why, for example, the government advises people to speak to all three main credit bureaus when they’re victims of identity theft to place a “fraud alert” on their bank account.
All of this is to illustrate why it is impossible for just anyone — like you — to report rent payments directly to credit bureaus.
Regardless of where you are in building your own credit, be it just starting out, working towards increasing your scores so as to qualify for larger and better loans, or taking steps to enhance it if you have made missteps, it is always wise to find ways to positively impact your credit ratings.
Report rent payments
One relatively new means to help build your credit scores is to ensure your lease or rental payments are correctly reported to the 3 main credit bureaus.
You need to make certain you are working with an accredited credit reporting agency. There is a rigorous verification procedure essential to achieve this standing, as each credit bureau has its own needs. In our case, it required over half a year of assessing and approvals with every one of the top three credit bureaus (TransUnion, Experian and Equifax).
We did this largely by maintaining and implementing incredibly rigorous standards in regards to privacy and security.
We hold up the high standards set and required by credit bureaus to allow us to report renters’ payments. On your end, you’ll want to go through a couple of verification steps too.
We ask potential Datalinx clients to extend the necessary information to ensure that their identities are accurate (and not stolen). We have to verify that payments are made to valid landlords. This is the reason why we need the information asked for in our forms. Additionally, that’s why we require a response to the confirmation questions provided by the credit reporting bureaus.
It is a quick and painless process, designed to verify the accuracy and facts essential to document your payments correctly.
Once we have verified your identity, we make things easier for you by reporting your rent to the credit bureaus. We are among the first to do this and stay among the very few online rent-reporting businesses who can.
And best, of all, you can relax knowing that your private information is safe and secure. You’re also getting credit for paying your monthly lease on time. Report rent payments, it makes a BIG difference — on your credit score.
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