For tenants, paying rent is just a part of adulting (as Millennials often call it). Since rent payments do not typically count towards your credit score like mortgages do, they can often feel like just another bill in your inbox.
But what if rent payments could do more than just keep a roof overhead? What if they could contribute to a stronger credit history—without any extra effort?
This is the beauty of Rent Reporting, where on-time rent payments are reported to major credit bureaus, helping tenants build their credit history over time for just $6.95 a month. And yes, we do offer this service to all tenants on TenantCloud. We even waive all monthly ACH fees for everyone enrolled!
So, what is Rent Reporting and why should tenants take advantage of it? Let’s dive into the benefits and why it’s a no-brainer for anyone looking to boost their credit score.
What Is Rent Reporting and How Does It Work?
Rent Reporting is a monthly service we offer where on-time rent payments are reported to credit bureaus to build a tenant’s credit history. This means that, yes, rent payments can be treated just like other major payments, such as car loans or mortgages, in the eyes of the credit bureaus.
If you’re a tenant, each on-time payment you make will be reported to the credit bureaus and added to your credit history. Over time, this can help build a solid credit profile that reflects your reliability and financial responsibility.
Why Rent Reporting Matters for Your Credit
Your credit score is a big deal—it influences everything from your ability to get approved for loans and credit cards to the interest rates you’ll pay. A higher credit score can make it easier to get approved for future rentals, buy a home, and lower your insurance premiums.
But here’s the thing: credit is finicky. Many people don’t have a credit history that accurately reflects their financial responsibility. So if this is the case, don’t worry. There are plenty of ways you can improve your credit history, especially if you have a knack for making payments on time.
And that’s where Rent Reporting comes in. By having your rent payments reported to the credit bureaus, you’re actively building your credit history without having to take on more debt or apply for new credit cards. It’s a simple, effective way to improve your credit score over time, just for making a payment you already planned to make.
What Do You Mean by ‘Free ACH Payments’?
Now, let’s talk about another perk to rent reporting on TenantCloud. When you pay your rent with ACH (Automated Clearing House), you can do so with no extra fees for as long as you’re enrolled. With ACH, tenants can set up automatic payments from their bank account, ensuring that their rent is paid on time every month, avoiding additional costs, and setting a positive payment history.
By combining Rent Reporting with free ACH, you and your tenants can be set up for financial success. Rent payments are automatically sent to the credit bureaus, and building credit history, and landlords can worry less about missed or late payments. Win-win, friends.
How to Get Started with Rent Reporting
Getting started with Rent Reporting is as easy as pie. Here’s how you can begin:
- Sign Up for Rent Reporting: Log in to your TenantCloud account and sign up for Rent Reporting. It’s quick, easy, and can have a lasting impact on your financial future.
- Set Up ACH Payments: Take advantage of free ACH payments by setting up automatic payments through your bank account. This way, you’ll never miss a rent payment—and your credit score will thank you.
- Keep an Eye on Your Credit: Over time, your on-time rent payments will be reported to the credit bureau and can make a difference in as little as 30 days. It’s that simple!
Tips for Increasing Your Credit Score
While Rent Reporting is a fantastic way to build credit, here are a few extra tips to keep your score on the rise:
- Pay All Your Bills on Time: Consistent, on-time payments are key to a healthy credit score. Set up reminders or automatic payments to make sure you’re always on track.
- Keep Your Credit Utilization Low: If you have credit cards, try to use less than 30% of your available credit. This shows lenders that you’re responsible with your borrowing.
- Monitor Your Credit Report: Check your credit report regularly to identify errors or areas for improvement.
Remember to always consult a credit counselor for specific information regarding your personal credit score. We are not credit or tax professionals, nor do we play one on tv!
Ready to Get Started?
It’s never too late to start building your credit history. With TenantCloud’s Rent Reporting and free ACH payments, you can easily set yourself up for a brighter financial future—all while enjoying the convenience of easy, automatic rent payments.
Get credit for your rent payments. Sign up for Rent Reporting today!
