It can be hard to build up good credit once it’s been through the ringer, everyone knows that. That’s why we here at Colorado Su Casa Realty have started working with Experian RentBureau to help our tenants build up their credit in the easiest way possible, by paying your rent on time.
It’s pretty common knowledge that if you miss a rent payment, or are late on your rent that shows up on your credit, and it can kill your credit. We now have a program called Experian RentBureau that includes the positive payment data on your credit report. RentBureau receives data every 24 hours from us, and other property management companies using this program, and now takes in the positive, “paid-as-agreed” payment data. The 25 most recent months will show up on your credit report, and as always negative information will go through a collection account. Including the positive information on your credit report can definitely boost your credit score, the same way making your car payments or any other bill payment on time will help. The more good history on your credit report the better, just be careful not to take out more credit that you can handle. The moment you start making late payments, or missing payments your credit drops, which can prevent you from doing all kinds of things, from buying a car, to renting or buying a house, to getting a credit card, and all of those things also report back to the credit agencies.
For those who are curious about how your rental history will show up on your credit report, it will show up as a tradeline, same as anything else, and it will describe your account status and activity. All of this is monitored by the Fair Credit Reporting Act (FCRA), to find out more about FCRA, credit reports and scores, and Experian RentBureau, visit www.experian.com/crediteducation/credit-information.html or www.experian.com/rentbureau.