Add Rent Payments To Credit Report And Improve Your Score
Currently, your rent payment history does not show up on your credit report but now you can improve your credit score by adding rent payments to your credit report at RentalKharma.com. I have many first time home buyers who don’t qualify for the first time home buyer program because their score is a couple of points below the minimum required credit score. Also, I have other buyers who have a limited or bad credit history and they are looking for ways to build up their credit so they can buy their first home.
Your rent history can be one of the most important factors in qualifying you for a home loan and you should get credit for making on-time rent payments. Another issue which comes up during the loan process is the fact that we sometimes can’t verify the rent history with a landlord or the management company and you need to know if there is going to be a problem with your rent verification before you embark on the biggest purchase of your life: A Home.
Furthermore, if you are building up your credit history and don’t plan on purchasing a home for a year or more then you can add every rent payment over the next year and even if something happens to the landlord your rent payments will be reflected on your credit report and used to calculate your score.
Finally, you should be aware that lenders will verify your rent history but they don’t report it to the credit bureaus which does you no good in raising your credit score. They simply order a supplement to add to the file that you pay your rent on time and there is no improvement to your score. Get started today and visit RentalKharma.com so you can get the good credit you deserve.