Top Rent-Reporting Agencies That Help Build Your Credit

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 Credit reporting and building agency

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.

Rent Reporters PROS

  • Refunds offered. The company will give you a full refund of your money if your landlord refuses to cooperate with the service.
  • Effective. The website states that the average user increases their credit score by 35-50 points in just 15 days.

Rent Reporters CONS

  • Pricey. The service is a bit pricier than other agencies that have the same features. You’ll also have to pay more if you haven’t been at your address for long because the company has to track down previous landlords.
  • You need your landlord's permission. You won’t be able to use this service if your landlord doesn’t agree. As with all services on this list, you’ll also need to give up some of your personal information, including your social security number.

PayYourRent Credit Reporting Agency

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.

PayYourRent PROS

  • Offers same day rent processing payments, which is desirable for most property owners and makes you a more attractive tenant. You’ll also be able to build your credit at the same time.
  • No setup fee. The service also allows you to pay your rent with a credit card or e-check. You can also connect your utilities.

PayYourRent CONS

  • There is a $2.50 charge for additional transactions and a 2.75 percent credit card fee.

RentTrack Credit Building Agency

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.

RentTrack PROS

  • Cost effective. The service has a low monthly rate and allows you to lower your rate by making electronic withdrawals or by paying with an electronic check.

RentTrack CONS

  • Not credit or debit card friendly. There are fees associated with paying your rent with a credit card, and they can add up quickly.

Rental Kharma Rent-Reporting Agency

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.

Rental Kharma PROS

  • No annual fee. Rental Kharma allows new clients with poor credit an opportunity to improve their scores in addition to skipping the traditional annual credit card fee of up to $75 per year. Signing up with Credit Kharma means you’ll have access to the same credit building results without the annual fee.
  • Affordable services. Rental Kharma is cheaper than other rent reporting agencies. For example, RentReporters has an enrollment fee of $45.95 in addition to the $9.95 monthly charge, which equals $165.36 for your first year. Rental Kharma’s cost for the initial year is $108.40 and saves you $56.95.
  • Pays you for references. If you refer your friends or family to Rental Kharma, they will give you six months of your membership for free. Make sure your friend lists you as a referrer on their application and you’ll save $40 in monthly payments.

Rental Kharma CONS

  • They may not offer service in your area. To determine if the agency provides service in your area, you will need to take a short quiz and enter some of your personal information, such as your phone number.

ERentPayment Rent-reporting agency

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.

ERentPayment PROS

  • Make payments online. The company offers one-time or recurring payment options any day of the week with monthly, weekly and bi-monthly options. These dates are flexible and can be changed if needed.
  • Payment reminders. The service sends out payment reminders to help you stay on track.

ERentPayment CONS

  • Your landlord can block partial payments so that you have to pay in full every month.

ClearNow Rent-reporting agency

ClearNow is a company that has been in business since 2000. They automatically collect your rent from your savings or checking account.

ClearNow PROS

  • Free. This service is free to use for tenants.
  • Flexibility. Although the company automatically debits your account, you have control to block the payment or unenroll from the service.

ClearNow CONS

  • Landlords can screen you. While there is no charge to the landlord to have you screened, the tenant pays a $35 fee.

PayLease Rent-reporting agency

PayLease allows tenants to make payments online with their smartphone or in-person at a retail location.

PayLease PROS

  • Combine services. The company allows you to combine your rent and utility payments.
  • Can be used on a wide variety of housing types, including HOA, student housing, and corporate housing.

PayLease CONS

  • Landlord driven. Per the company’s website, the services appear to be directed more toward the property owner rather than the tenant.

Rentler Rent-reporting agency

Rentler allows you to safely and securely pay your rent online while building credit. For renters, payment rates start at $1.95.

Rentler PROS

  • Multiple payment methods. You can pay your rent using credit, debit or from your bank account.

Rentler CONS

  • Not ideal for credit card users. There is a fee of 2.9 percent for paying with a credit card. Debit cards are subjected to a 1.9 percent fee.

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