There are many factors that are involved when creating & reporting new trade lines to the credit bureaus. Please be sure to allow 45 days before you see the first payment reported. In majority of scenarios it will be much quicker than that, but please allow for this allotment of time.
You’ve moved to a new address – no worries! Simply log in to your Credit My Rent portal by clicking here www.app.creditmyrent.com & update your information from the Lease tab. It’s that easy!
Credit My Rent & the major credit bureaus require bank transaction verification of payment information. This process is extremely beneficial to the customer because it ensures the most efficient, accurate & timely reporting on their behalf. Keep in mind, your bank account login information can not be seen by ANYONE. Once you input your bank login information only the one time during initial enrollment, our algorithm communicates directly with your financial institution for all future verification purposes.
At Credit My Rent we are a reporting agency that reports positive rental history to the credit bureaus to be added to the customer’s credit report. Any positive history is a benefit for the customer because it proves to lenders that you can make large payments on time each & every month. With that being understood, we are only a reporting agency & DO NOT GUARANTEE ANY INCREASE IN CREDIT SCORE. In most cases, positive payment history translates to a credit score increase but the only entity that has control over the individual’s credit score are the credit bureaus themselves. Therefore, once we report your rent, if you have an issue with anything related to your score, you will have to address that directly with TransUnion or Equifax.
Rental history is extremely important for an individual’s credit report. Not only does it add a positive trade line without increasing total debt load, it establishes comparable credit which is necessary when purchasing a new home or asset. Upon completion of your enrollment to Credit My Rent you will be proving to future creditors that you are financially responsible to pay a large monthly housing expense, on time, each & every month.
Comparable credit or comparable trade lines are used by creditors when reviewing a lending application for approval. When trying to get a loan (ie. applying for a mortgage) the lender will search through your credit file for a current trade line that has a similar monthly payment to the new loan payment you are applying for. If there is no comparable credit found, the applicant will likely not be approved. Credit My Rent instantly establishes comparable credit for their customers by reporting your rent payment to the credit bureaus. This greatly improves your chances of getting approved in the future.
The 2 years of previous rental history is an important benefit for the customer because it positively impacts their credit file & score in multiple ways. Once the lease information is verified it will;
Credit My Rent’s rental reporting is opening a trade line without adding to the customer’s total debt load. When you open a credit card, in the eyes of the credit bureaus, you are taking on new debt. Rent reporting is an added trade line that does not require any additional debt load increase.
Per the credit bureaus guidelines, a payment is only considered late if you pay it later than 30 days after your due date. This in no way reflects the conditions outlined in your rental agreement between you & your landlord, but as long as you pay within 30 days of your due date, your payment will be reported as on time.
Simply sign up to create your account, link your bank account that you currently make your rent payment from & we take care of the rest! Upon signing up, we verify your information on your behalf & verify your payment each month via your financial transaction history. Please visit our How It Works page for more information.
Extremely. Credit My Rent & our verification partners enforce a best-in-class, 3 phase system of security safeguards; physical, technological, & procedural. This type of security encryption is shared only by the largest financial institutions, banks, credit card companies & trading firms.
Each payment information will be reported on a monthly basis.
Our process does not interfere with your current payment process. Be sure to continue to pay your rent out of your bank account linked to your Credit My Rent customer profile.