By: George Baginyan Dec. 14, 2018
If your credit score isn’t that good, but you have a history of paying your rent on time, it just might help improve your ratings. While it’s not possible for you to report your rent payments personally, there are rent-reporting services that can get this information to a credit reporting agency where it may reflect on your credit report. Prices for rent-reporting services vary anywhere from free to $100 a year, but they are worth checking out if you consistently pay your rent on time.
Rent Reporters has a one-time setup fee of $45.95 that includes two years of reported rental payments. After that, there is a monthly service fee of $9.95.
PayYourRent works by charging variable fees that depend on how you pay your rent. Sometimes, management pays your fees. The rental plan costs $9.95 per month and includes one payment transaction.
RentTrack has a service fee of $2.95 a month, but sometimes management will pay this fee and offer the service to their renters. You can request to have the past 24 payments added to your contract to build your credit further.
Rental Kharma is considered the best reviewed rent-reporting agency. It is the only company on the list that reports to TransUnion. All others report to Experian.
You can only use ERentPayment if your landlord or property manager has registered with the service. All electronic payments are subjected to a $3 processing fee. Your landlord can split this cost with you, or you might be responsible for all of it.
ClearNow is a company that has been in business since 2000. They automatically collect your rent from your savings or checking account.
PayLease allows tenants to make payments online with their smartphone or in-person at a retail location.
Rentler allows you to safely and securely pay your rent online while building credit. For renters, payment rates start at $1.95.
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