Experian is now listing your rental payment history on your credit report.
March 15, 2011 The LA Times reported that Experian acquired RentBureau and will now be the placing renters' payment histories on their credit reports. This could be a good or bad thing depending on how you look at it. If you are a renter with an excellent history of payment then adding that information to your report could improve your credit standing. However, if your property management company does not properly report your payment history or makes a mistake while posting your information your credit rating could take a hit. The LA Times says that currently 8 million renters out of 37.7 million are having their payment histories reported to RentBureau and Experian.
|What is an Experian credit score?|
Experian® does make a good point on
"In the past, only negative rental payment data such as evictions and collections were reported to consumer reporting agencies. Therefore, your on-time rental payments never helped boost your credit scores, unlike credit card, mortgage or car payments that help raise credit scores when paid on time. But this has changed now that Experian® will be including positive rental data in consumer credit reports. The addition of this data is a tremendous benefit to anyone who rents, especially those who are non-credit-active, cash-based consumers."
Just be sure your landlord is careful
about reporting your information.
If you are a renter with a property management company that is reporting your payment history be sure that you are getting receipts for your payments and checking your credit report regularly for errors. Not all property managers are as meticulous about their record keeping and reporting as others, so make sure you are double checking to ensure that accurate information is being reported about you.
You can get the LA Times story here.