Can an apartment put your rent on your credit report as an installment payment like they do with a car payment?
You can’t report your own rent payments, but that doesn’t mean your rent payments can’t help you build a credit history.
Experian recently acquired Rent Bureau, one of that nation’s largest rent payment reporting companies and has begun including rent payment in Experian consumer credit reports.
In the past, only negative rent payment history would appear in your credit report, for example evictions or civil judgments for unpaid rent. That meant poor rent payment history could hurt your credit report, but positive rent payment couldn’t help.
Adding positive rent payment history enables you to build a new or stronger credit history simply by paying your rent or lease on time. Experian believes that consumers who have little or no credit history, or who are trying to recover from a difficult financial situation, will benefit greatly.
It can be difficult for people with no credit history to qualify for traditional credit lines. Incorporating rent payments in the credit report will give lenders additional information upon which to base a decision, opening the door to credit for many who would otherwise be unable to qualify without a cosigner.
Thanks for asking.
- The “Ask Experian” team