Payment Reporting: The Fast Track to Better Credit
Property owners and managers aren’t the only ones who benefit from reporting rent payments to the credit bureaus.
According to two new surveys from TransUnion, many renters see rent payment reporting as a powerful way to build a positive credit history. This is especially true with younger renters who have a less established credit history.
Positive credit history, in turn, gives renters access to more loans at better rates.
“Consumers should literally get credit for paying rent,” says Eric J. Ellman, senior vice president of Public Policy and Legal Affairs at the Consumer Data Industry Association.