How to report rent payments to credit bureau for free?

How to report rent payments to credit bureau for free?

Here is how to report your rent for free.

Experian Boost.

https://www.experian.com/consumer-products/score-boost.html

  • Pros:
    • FREE, it is actually FREE! 
    • They will report your rent directly with the Experian credit bureau and your credit will raise on Experian credit report. 
    • Pretty easy process to get started.
  • Cons:
    • This service is only reporting your rental history to ONLY one of the three bureaus. There are three credit bureaus in the credit system: Equafax; Transunion; & Experian. When you are trying to get something financed, that financing company will look at ALL three credit bureaus, not just Experian. In the industry this is called ‘Mid Credit Score,’ which means they look at all three and find the middle score. If Experian is high, but the other two are low, it doesn’t help you much when trying to get a loan.

CanRentBuildCredit.com

  • Pros:
    • This rental reporting service will report to ALL three credit bureaus, unlike Experian Boost.
    • Additionally, it will include up to your last two years of rent payments. Which will make ALL the credit reports climb almost immediately.
    • Plus every month your credit score will continue to climb while we continue to report your rental payments.
    • The setup process is very easy for you and your landlord, we just need to know a little info to get started
  • Cons:
    • This is not a free service, however it is worth every penny, when you want to have better credit.  

1. You Sign Up

CanRentBuildCredit.com has only 3 quick questions.

  1. To get your information
  2. To get your landlord’s information for your payment history
  3. To choose which product you want to purchase.

2. We Verify Your Information

CanRentBuildCredit.com starts by confirming the information you provided on your landlord / property manager through independent data research to make sure it is complete and accurate.

We then verify the information you provided on your application with the landlord /property management company to make sure it is accurate. Once we establish a connection with your Landlord, we then invite them to link their account to our bank level bill payment system.

If for any reason CanRentBuildCredit.com is unable to verify your rent or your landlord will not except ACH direct payments, we will promptly give you 100% refund. 

3. CRBC Verifies Payments & Reports Credit

After your account is established with CanRentBuildCredit.com, you will pay your rent through our online portal.  Once the funds have been received, we will verify that the funds meet or exceed the amount due for your monthly rent.  Then, we report (on the 21st of every month) to all three of the national credit bureaus: Experian, Equifax, and TransUnion. This can show on your credit report in as little as 7 days.  

Note: Processing payments through our system can take up to 5 days.  We suggest that all renters make payments a minimum of 5 days before the past due date.