About
Credit My Rent is a rental history reporting service that builds its customers' credit scores by reporting their monthly verified rent payments to two of the three major credit bureaus. They communicate such information to TransUnion and Equifax and collaborate with the landlords. The procedure allows the credit score to reflect your responsible financial behavior.
Credit My Rent is one of the services provided as a part of the United Credit Education Services (UCES) Protection Plan. The UCES Protection Plan identified a gap in the market for rent reporting and set out to assist individuals in building credit ratings. It enables you to pay your rent to acquire homes more easily at more favorable borrowing rates. To build Credit My Rent, United Credit Education Services conducted extensive research and spent much time on product development.
Key Features
CreditMyRent is a rent reporting service that allows you to improve your credit score by reporting your rental payments to two of the three major credit bureaus: Equifax and TransUnion. Here are some key features of CreditMyRent:
- Rent reporting: CreditMyRent reports your rent payments to Equifax and TransUnion, which helps to build your credit history and improve your credit score over time.
- Easy setup: Signing up for CreditMyRent takes only a few minutes. You simply need to provide some basic information about yourself and your rental agreement.
- Automatic reporting: Once you sign up for CreditMyRent, your monthly rental payments will be automatically reported to the credit bureaus. You don't need to do anything else.
- Real-time updates: CreditMyRent provides real-time updates on your credit score and credit history so that you can see the impact of your rental payments on your credit score.
- Safe and secure: CreditMyRent takes the privacy and security of your personal information seriously. Your data is encrypted and protected by industry-standard security measures.
- Affordable: CreditMyRent is an affordable way to build your credit history and improve your credit score. The service costs just $14.95 per month.
Pros and Cons
To make the most out of a rent-reporting service, you should know the credit bureaus where the business will report your verified rent payments and how those payments affect your credit score. Review the advantages and disadvantages before making a choice.
Pros
- Simple to operate, making it ideal for novices
- Reasonable price
- Helps you build credit
- Has an online gateway that verifies customers' IDs
- Reports up to 2 years of rent to two major credit bureaus
Cons
- Eligibility depends on the details of the leasing agreement
- There is an additional fee for a rental history spanning 24 months
- Credit My Rent does not send its data to Experian
- The service is not free: You will be charged $14.95 per month.
Rent reporting adds a tradeline to your credit report to build credit without growing your debt. Alongside Credit My Rent, you don't need to alter the way you pay your rent. The company makes establishing credit through rental history payments as simple and hassle-free as possible. In contrast to other organizations that need you to pay your rent directly, Credit My Rent pays your rent on your behalf. The company ensures it leaves no one in a state of confusion using its user-friendly portal and system.
Products
CreditMyRent offers one primary product, which is its rent reporting service. This service reports your rental payments to two of the three major credit bureaus (Equifax and TransUnion), which can help improve your credit score over time.
CreditMyRent's rent reporting service is available to renters living in apartments, houses, condos, and other rental properties. To use the service, you simply need to sign up and provide some basic information about yourself and your rental agreement. Once you're signed up, CreditMyRent will automatically report your rental payments to the credit bureaus each month, which helps to build your credit history and improve your credit score.
In addition to its primary rent reporting service, CreditMyRent also offers a free credit score estimator tool on its website. This tool allows you to estimate your credit score based on your current credit report and other factors, such as your payment history, credit utilization, and length of credit history. While this tool isn't as accurate as your actual credit score, it can give you an idea of where you stand and how your credit score might improve with CreditMyRent's rent reporting service.
Reliability
CreditMyRent is a legitimate and reliable rent reporting service that has been operating since 2017. It has already helped over 55,000 clients.
Moreover, CreditMyRent's rent reporting service is fully compliant with the Fair Credit Reporting Act (FCRA), which regulates how credit reporting agencies collect and use consumer credit information. This means that CreditMyRent operates with transparency and fairness in the way it reports rental payments to the credit bureaus.
CreditMyRent has a generally positive reputation among customers. On Trustpilot, a website that allows customers to review companies and services, CreditMyRent has a rating of 4.1 out of 5 stars based on 65 customer reviews as of my knowledge cut-off date (September 2021). Many customers have praised the company for helping them improve their credit scores and providing excellent customer service. However, some negative reviews have cited issues with payment processing and delays in reporting rental payments to credit bureaus. Despite these concerns, the majority of customer reviews suggest that CreditMyRent is a reliable and helpful service for renters looking to improve their credit scores.
Overall, CreditMyRent has a strong reputation for reliability and compliance in the rent reporting industry. The company is committed to helping renters build their credit histories and improve their credit scores, and it does so in a trustworthy and ethical manner.
Conditions
Credit My Rent allows you to pay for one of three payment options. If you need to report previous rent for up to two years, you will be legally obliged to pay an additional setup fee that varies depending on how far back in time you want to look. The company conveys your information to two credit bureaus and collaborates with your landlords. However, each plan provides a solution for you, regardless of whether you choose to report previous rental history payments made toward your obligation. You can choose the bronze tier and pay $14.95 monthly, irrespective of your previously verified rent payment history. Monthly plus one year of payment history costs $14.95 per month and a one-time setup fee of $99 in the Silver tier. And monthly plus two years of payment history costs $14.95 per month and a one-time setup fee of $149 for the Gold level.
Credit My Rent can pay an additional one-time cost to add up to two years' rental history to your account. If you pay your rent with the monthly charge, Credit My Rent will add new information to the customer's credit profile every month following membership in the service. It includes adding a new rent payment to the customer's credit report each month and maintaining that trade line as an active account on the customer's credit record. Credit My Rent gives their information to Equifax and TransUnion but not to Experian.
For instance, a fully verified customer registered for monthly plus two years past reporting will have 24 rental history payments reported to credit bureaus on their first reporting date. Then, they will disclose another rent payment each month after that. It will continue for as long as the customer maintains their monthly + 2 Year Past Reporting service enrollment. When a consumer's credit score is higher, they have more opportunities to save money through reduced interest rates and increased financing options.
Steps
Credit, My Rent's registration takes only approximately five minutes to complete. They will begin the verification process once you have created an account and entered all your correct leasing information. This procedure could take some time if you did something incorrectly. Once the leasing information has been validated, it can take anywhere from three to forty-five days for the process to be completed. Credit My Rent will provide you with an online interface through which you may monitor your status and examine qualified rent data.
After that, they will connect your rent payments from their three-phase security integration. Then, your payments will be automatically verified using your transaction history. The Credit My Rent team of verification professionals will then go to work immediately verifying information and working towards reporting your rent to either TransUnion or Equifax. They will report each payment you make each month. They will use your pre-existing credit card or debit card information to make the initial payment to your account. You can pay your rent through direct debit from your bank account, or you may select one of the various payment methods offered by Credit My Rent with some restrictions applied. They will charge you on the same day each month, but you can cancel your subscription anytime through their user-friendly website.
Credit My Rent reporting services
Credit My Rent will verify any positive rent history on your behalf to provide you with an increase in your credit score. Predicting how much rent reporting services will build a credit score for various factors is impossible. Pay your rent on time, but it will not help you develop credit on its own. On the other hand, reporting your rental history payments can help you create credit. It is especially true if you are new to the concept of credit or do not have much experience with it. If you rent a place again in the future, having information about your past rental history included in your credit report can be helpful. Landlords typically give tenants who can demonstrate suitable rental history payments preference.
Your credit score when you start is the most crucial factor to consider. The results of operating a rent reporting service would be very different if you began out with a weak credit score of 500 instead of an excellent credit score of 700. The difference will be significant. Different circumstances can lead to the same credit score being held by two people. For instance, you might have a credit score of 600 if you only recently graduated from college and have one credit account but you haven't paid that account in quite some time. A customer with a credit score of 600 due to a previous bankruptcy may have different outcomes when using a rent reporting service than someone with a higher score.
In conclusion, an essential factor to consider is the service you use and how you use it. Someone who uses the recurring service offered by Credit My Rent will get results distinct from those taken by someone who uses a different credit reporting service. You can usually predict rent reporting services to deliver a minor increase to your credit score, so long as you have an acceptable credit score and you pay your rent on time.
