Rent Reporters Review 2019
Rent Reporters is paving the way for the credit invisible or people with thin credit files to become scoreable by reporting their monthly rental payments to the credit reporting agencies.
Helps with growing and fixing credit.
Low & Fixed costs for a great service.
EASE OF USE
You can apply online within a few minutes.
Responds pretty quickly.
Credit Knocks Overall Star Rating:
There are millions of credit invisible people and people with super thin credit files or just bad credit in general.
No matter your credit situation, if you are a renter, Rent Reporters will work with you to get your rental history reported to the major credit bureaus.
However, there are some startup fees and monthly fees to be aware of.
That is why I created this RentReporters review, so that you can understand how their program works, its benefits and short comings.
Who Is RentReporters
RentReporters was founded in 2015 out of Pasadena California and they are changing the way that credit scores are calculated for over 100 million renters in the United States.
What Makes Them Different?
There is no other option in the market that allows you to increase your credit score really fast based solely on the past rent you have been paying.
They have credit education tools that also teach you how to manage your credit and what to do with your new found credit score.
How Does Rent Reporting Work?
Before we go into why Rent Reporters is such a great option, let me explain to you exactly how rent reporting works.
There are 4 main steps to the process and they are:
Verification of your identity and rent payments
The first thing you will need to do is to complete an application with your basic information on it.
You will need to supply your social security number, date of birth, address, and your landlord’s contact information.
Your social security number is need to make sure that your rent history is clearly matched with your credit profile.
Verify of your rent payments with your landlord:
The rent reporting company will work directly with your landlord to verify their identity and confirm your on-time rent payments both over the last 24 months, and in the months to come.
Rent reporting to credit bureaus:
The reporting company will report your rent history to the major credit bureaus and you will receive an email notification when it has been completed.
Tradeline creation on your credit report:
A new tradeline is created on your credit report within 5-7 business days. You receive a notification when this is completed.
Once this process is completed, as long as you pay the monthly fee to the reporting company your rent will continue to update and continue to help your score.
Which Credit Bureaus Will Rent Reporters Report To?
Currently, rent reporters will report to the following credit reporting agencies:
They eventually plan to be able to add your tradeline to Experian soon as well.
Will Rent Reporting Increase Your Credit?
Any time you add a new type of trade line to your credit it has the ability to increase your score.
Especially if you show a history of on-time payments.
The good thing about rent reporting is that usually we already have years of rent that we have paid on time.
This means not only will you be getting a new type of tradeline added to your credit; you will also be adding more credit history to your account.
This credit history is known as your "Average Age of Accounts" and the longer your credit history is, the better your score will be.
RentReporters has seen the average increase in people's scores be between 35 to 50 points from only adding their rent history.
How long will it take for your score to change?
RentReporters will add a new tradeline called “RentReporters/Residence” to your credit report within 5 days after they have verified your landlord and rent.
Usually it takes around 10 days total before you see the tradeline hit your credit and see a score increase.
Because of the guidelines laid out by the CROA, no credit repair company can Guarantee the fixing of bad credit.
Is Rent Reporters A Credit Repair Service?
Rent Reporters is not a credit repair service. While you can use their service to help improve your credit score, they do not assist with credit repair.
We actually created a post about all of the best credit repair companies that you can check out.
You can use rent reporters and a credit repair company at the same time because they complete two entirely different functions.
How Much Does Rent Reporters Cost?
The best thing about RentReporters is that it has one plan for one set start-up cost and one cost for the monthly reporting of your rent.
For a fee of $50 each, they can also verify and report rent payments made to multiple landlords within the past 2 years.
Who is Rent Reporters For?
Credit Invisible And Credit Unscorables
Not having an actual credit score can affect you in ways you might not have considered.
If you plan to purchase a car, buy a home, or even get a cell phone people are checking your credit.
Now, you don't have to be credit invisible and can use your rental history to get a credit score.
Sometimes people will fall into the credit unscorable category where they have had credit in the past but not enough in the past 7 years to have a credit score.
Rent reporting is a great way to start building credit and earn a credit score.
People with bad credit
If you need to get better credit so that you can get that new car or move into a new home, Rentreporters is a great option.
With better credit you can also get better employment opportunities as people do review your credit for certain jobs.
Mortgage lenders determine the terms of the loan based on your credit score and report. The higher the score, the better the terms and lower the cost of the loan.
RentReporters Reviews are extremely positive with huge credit score gains as much as 100 points in a few months being reported.
RentReporters BBB Reviews
RentReporters BBB reviews shows a company with the Better Business Bureau since X.
Rent Reporters reviews BBB boasts a A+ rating with all complaints being addressed promptly.
How To Cancel Rent Reporters
RentReporters gives you a few ways to cancel your policy.
You can just call, email or live chat with them on their website to cancel your subscription.
RentReporters phone number is: (626)-737-6100
However, they will ask for the reason for cancellation before you cancel, which is no huge deal and probably to help make the product better.
Best Alternative To Rent Reporters
If RentReporters does not sound like the right rent reporting company for you, you can read our 10 Best Rent Reporting Companies Review to find another.
Outside of using Rent Reporters to increase your credit score fast there are some other options to consider.
We have created a step by step guide you can use to boost your credit score anywhere from 50 to 100 points in 30 Days.
You can also check out our Credit Building Weapons where we show you the best free and paid ways to build your credit.
Last but not least you can check out our page on some of the best ways to increase your score.
While all of these options cost some money to get things started, investing in yourself and credit is the best thing you can do.
Taking Action On Your Credit
Hopefully, you found this RentReporters Review we wrote to be helpful because increasing your credit score can be complicated and confusing.
There is no better time than now to get things started and the sooner you get your credit in a better position the better off you can obtain the things that have been eluding you.
Start establishing or rebuilding your credit today with the help of Rent Reporters.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.