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Trans Union, one of the three big credit bureaus, has agreed to accept this data with the others hopefully following soon.
Having this rent history included in credit scores could be beneficial for the many renters who are looking to capitalize on these low mortgage rates and purchase their first home.
Many of these would-be buyers are facing tough scrutiny from lenders especially those with a thin credit profile…adding rent history to their credit report and to the scoring model could be a game changer for them and provide a much needed boost to their credit score.
About the Author:
Peter Wright (NMLS 493721) is the Senior Vice President of Essex Residential Mortgage.Peter can be reached by phone at (314) 722-2332 or on his cell phone at (314) 753-7155.