In December 2010, Experian became the first credit bureau to include positive rental payment histories on its credit profiles. This unique dataset, collected by Experian RentBureau, can not only help our clients reduce the number of no-hits and obtain a more holistic picture of their borrowers, but can also empower millions of Americans to establish or build their credit history. Simply by paying their rent on time, responsible renters, including students, immigrants and displaced homeowners, may now have the opportunity to gain access to mainstream credit products that they deserve.
If you rent, there could be some extra credit coming your way! That’s great news for students, recent graduates, etc. Clark Howard reports that renters can now build their credit history by making on-time rental payments.
Fox News reports that renters may not be throwing away their money after all. Experian is adding resident data and rental payment history to its credit reports to provide consumers with a chance to build their credit history. Margaret Mikitka, a former homeowner, had no choice but to give up her home and start renting. Experian finds a creative solution to help displaced homeowners build their credit history and bring them back into the home market.
Bankrate.com reports that Experian is now incorporating positive rental payment data in its credit reports. Now consumers looking for a way to establish or build their credit history can do so just by paying their rent on time.
Experian RentBureau receives updated rental payment data every 24 hours from its national network of property management companies. Positive rental payment data is then incorporated within Experian credit reports. To learn more about Experian RentBureau visit www.experian.com/rentbureau.