How is it even possible that someone’s largest monthly expense – their rent – is typically the only thing not on their credit report?
We've figured out a way to do it. So now residents can make their rent payments count!
According to a study by the DC Housing Authority, residents with rent reporting saw an average 29% increase in their credit score.
With just a one-tier credit score increase, residents can save thousands of dollars per year in car payments, credit card payments, and future mortgage payments.
With such a strong incentive for on-time payments, you’ll see rent delinquency – and your teams’ follow-ups – decrease. The result is happier investors, happier teams, and happier residents.
Most rent reporting tools report to just one or two. We make sure your residents’ score improves everywhere by reporting to all three major credit reporting bureaus: Equifax, Experian, and TransUnion.
Our credit reporting service back-reports all on-time payments from the past 24 months for the same address at no additional cost. When you implement our Resident Benefits Package, your renewing residents can get their last 12-24 months reported, so they aren’t starting from scratch.
Our credit-building feature is fully automated for you and your residents. Residents simply sign their lease and automatically get their on-time payments reported. We manage the initial setup, and then it runs itself. Your team keeps their valuable time. As a property manager, it’s another thing off your plate!
"What I like most about the credit building is that we are rewarding residents for paying their rent on time."
One Door Realty
A credit building service is designed to help renters boost their credit scores by reporting on-time rent payments to the major credit bureaus. Our service automatically logs these payments, providing residents with an opportunity to build credit just by paying their rent, one of their largest monthly expenses.
Rent reporting services, like ours, specifically focus on recording rent payments and submitting them to credit bureaus. This unique approach recognizes the significance of consistent rent payment in showcasing financial responsibility, offering a valuable way for tenants to enhance their credit profiles.
Offering a landlord credit report service – or, as we call it, Resident Credit Building – can be a game-changer for property managers. Not only does it incentivize on-time rent payments, but it also adds value to your rental package. Residents appreciate the chance to build credit by paying rent, aligning their financial goals with timely payments, and making the entire rent collection process smoother.