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If you’ve been making sure to pay your monthly rent on time, it could boost your credit.
All major credit bureaus announced they’ll allow rent payments to count toward credit and loans. Experts say factoring in rent payments could have a positive impact in as little as 10 days.
Currently, this can only be done through rent reporting services such as Credit Sesame. Some services can help get your rent payments from the past two years documented.
Here Are Some Rent Reporting Services:
One-time enrollment fee of $94.95, which includes up to two years of reported rental payments. From there, you can enroll in a monthly $9.95 plan or the annual $7.95 per month plan.
Reports to TransUnion and Equifax.
Setup is $50 – includes six months of past history. Monthly service is $8.95 per month.
Reports to TransUnion.
Charges a $6.95 monthly fee to have your rent and utility payments reported to Equifax and TransUnion. A look-back of up to 24 months is available on your current lease for a one-time fee of $49.95.
Free for users. Landlords are charged $3 per transaction or $10 for up to five transactions per month.
Reports to Equifax and Experian.
Free for tenants, generally set up by landlords.
Collects rent and reports payments to all three bureaus.
Enrollment fee of $48, and monthly service costs $6.95. $65 fee for reporting up to two years of rental history.
Reports to TransUnion and, if the landlord is a property manager, Equifax.
You can sign up as an independent renter for a $50 annual fee on the Esusu Rent mobile app. (It also has a version offered through landlords.)
Reports your rental payments to the three major credit bureaus.
Free for debit card or MoCaFi app users, $3 per report for online users after the first report.
Reports to Equifax and Transunion.
No setup fee and monthly service charge of $14.95. There are additional charges if you want past rent reported.
Reports to TransUnion and Equifax.
