Rent reporting could boost your credit score

RAPID CITY, S.D. (KEVN) - Late and missed rent payments can affect your credit score but with rent-reporting, you could see a positive impact for paying on time.

Rent reporting allows renters or their landlords to report monthly payments to the major credit reporting agencies to be included on consumer credit reports.

It is a safe and accessible way for people to build credit for something they already do: making payments on time.

Renters can check with their landlords to see if they participate in rent-reporting and, if not, renters can look at direct-to-renter options, like various apps.

Credit Builders Alliance’s Housing Innovations Senior Specialist Rachel Levy-Culler said rent reporting can be an option to build credit, but not many people take advantage of it.

“It’s not ubiquitous, it’s something. I think the rate I’ve seen is like less than 5% of renters are participating in rent reporting. It’s definitely been growing and growing. There are a lot of these third-party providers on the scene,” Levy-Culler said.

For more information on how you can get started with rent reporting visit the Credit Builders Alliance website.

See a spelling or grammatical error in our story? Please click here to report it.

Do you have a photo or video of a breaking news story? Send it to us here with a brief description.

Copyright 2024 KEVN. All rights reserved.