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Renters Get Respect!

Traditionally the only Rental history that gets reported to the credit bureaus is negative!  If you fail to make your payment to your landlord…look for a collection account or even a judgment to show up on your credit profile and potentially drop your credit score like a rock!But what about tenants that pay their rent on time?  Remember rent is often an individual’s single largest monthly bill, and the impact of that reporting to the credit bureaus could be huge!There are over a 100-million renters in the U.S. and less than 1% of them have had any positive rental payment history reported to the credit bureaus…but that is all about to change!
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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.

Good Renters Deserve Good Credit!

Find out more by contacting Peter Wright

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.

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