The monthly rental fee is considered one of the most important bills you pay each month. Should you count all these due rent payments?
How does applying affect your credit score?
Many landlords pull your credit report when you apply for a rental. The hard inquiry resulting from the credit check can affect your credit score.
Do rent payments show up on your credit report?
Recently, some housing complexes have started using a variety of services to report rent payments. All major credit bureaus offer some reporting capabilities for landlords. Experian and TransUnion provide services for landlords, and Equifax has partnered with third-party rental reporting platforms to report rental information.
How does reporting rent help improve your credit score?
Despite some progress in reporting rent payments in credit reports, it is not widely common. If you rent from a small company or an individual property owner, it is unlikely that your rent payments will be reported to credit bureaus.
Do late rent payments affect your credit score?
On the downside, renting a property can affect your credit score in some cases. For example, if you are late on rent payments, break the lease, are evicted, or fail to pay any moving out fees, and the landlord reports an unpaid balance to any of the three credit bureaus, it will impact your credit score. Unpaid rent balances can also be sent to a debt collection agency that can report the account on your credit report.
Using a credit card to pay rent
You can use a credit card to pay rent and indirectly boost your credit score. Open a credit card and use it to pay rent (if the landlord accepts credit cards as a payment method), then pay your credit card balance in full each month. Timely credit card payments will help increase your credit score.
Are guarantors affected by rent payments?
Tenants with poor credit or no credit may need a guarantor to get approved for renting an apartment. It’s important to know how being a guarantor will affect your credit score before agreeing to put your name on the line for an apartment you won’t live in.
Frequently Asked Questions
What is the required credit score to rent an apartment?
What is considered good credit?
Thank you for using the site! We hope this information is helpful to you. If you have any other questions, feel free to ask.
Source: https://www.thebalancemoney.com/how-renting-an-apartment-will-affect-your-credit-score-960536
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