Boost Your Credit by Adding Rent? PayYourRent Review (2024)

FAQs

Can you increase your credit score by paying rent? ›

If you regularly pay your rent on time and in full, you can have your good payment history reported to credit bureaus to help raise your credit score through a rent-reporting service. Know that any rent-reporting services could require a fee for the service, which is usually paid on a monthly basis.

It is possible to improve your credit score in just 30 days. Make sure you never make a late payment on debt or utilities, try to increase your credit limits if possible, get a credit card, pay off debt, and reduce your credit utilization. These are a few ways you can turn things around quickly.

Overdue rent might appear on your credit reports if the landlord sends the debt to a collection agency. The agency might report the collection account to the credit bureaus. Also, if an eviction appears in the public record, the credit reporting agencies will likely include it on your credit reports.

A: RentPlus is a great service that helps residents build their credit by reporting only their on-time rent payments to all three major credit bureaus. Much like a mortgage, RentPlus can help residents establish a payment history.

On your account homepage, scroll down to the "Explore other actions" box and click the button marked "Add bills to Experian Boost." On the Experian Boost landing page, enter information on the checking or credit card account(s) you use to pay the bills you want added to your credit report.

There are two ways that your rent can be reported through a rent reporting service: your property manager can report payments for you, or you can report payments yourself.

Credit Rent Boost offers a specialized rent reporting service designed specifically for landlords. This service enables landlords to report their tenants' monthly rent payments directly to major credit bureaus, thereby assisting tenants in building or improving their credit scores.

Landlords generally prefer a minimum credit score of at least “good,” which is 670 to 739. A score at or above that range will make apartment applications easier. Still, even a “fair” (580 to 669) or “poor” (300 to 579) score won't necessarily put the kibosh on your rental hopes.

Collects rent payment history data from property owners and residential real estate managers, electronic rent payment services and collection companies, and makes that information available to the multifamily housing industry through tenant screening companies.

Is it safe to use Experian Boost? ›

Absolutely. We use bank-level SSL security encryption to make sure your data is safe when you connect your accounts and add your bills. It's our top priority.

Does paying rent build credit? Simply paying your rent will not help you build credit. But reporting your rent payments can help you build credit — especially if you are new to credit or do not have a lot of experience using it.

Once logged in, select the Account Settings tab located on the left side menu and then go ahead and cancel your subscription. We recommend reaching out to our support team via email (support@rentplus.com) or by phone (855-388-5314) at any time if you are no longer interested in being enrolled in RentPlus.

If you're on the hunt for a new apartment, a rental application may include a credit check. This can result in an inquiry on your credit report, which may cause a temporary dip in your score. Not all applications will result in a hard inquiry.

In some cases, paying your rent on time may help you build credit. Each of the three major credit reporting agencies—Equifax, Experian and TransUnion—will include positive rent payment history on credit reports if they receive it.

If you keep up with your utility, rent and phone bills and that activity is reported to credit bureaus, it could help boost your credit. That's because your payment history is an important factor when it comes to your credit scores.

As with an auto loan, the monthly payments associated with a lease agreement will appear on your credit reports. This allows you to build credit with on-time payments.

The Takeaway

It usually takes a minimum of six months to generate your first credit score. Establishing good or excellent credit takes longer. If you follow the tips above for building good credit and avoid the potential pitfalls, your score should continue to improve.