Can you add rental history (from a house or apartment rental) to your credit report?
Have you ever tried to apply for credit only to find out that your credit is bad or that you do not have enough established credit? This is the story of many people who were denied credit. There are many ways that you can raise your credit score so that you can be extended credit. One of those ways is to report you rental history to the credit bureaus. Many people do not know that this is possible. Being a good renter can help you improve your credit score.
Adding Rental History to Your Credit Report
There are several steps to follow to get your good rental history added to your credit report, including:
- Keep accurate records of payments. Just because you are not the owner of the property does not mean that you do not have to keep records of your payments. These documents are your only proof that you have paid your rent on time. You should keep all documents related to your rental agreement, including the lease, payment receipts, and any documentation related to the agreement. You can use this as proof in the event that the credit bureaus require documentation as evidence.
- Ask your landlord to report your payment history to credit agencies. Before you move into the rental property, it may be a good idea to ask your landlord to report your payment history to the credit bureaus. You want to receive credit for every day that you rent from your landlord. In many cases, a landlord does not report your payment history unless you default on your original agreement. If you are already in the property, you may want to try to persuade them to report your good payment history from now until you move out of the property.
- You can try to have the information reported on your own. If they choose not to report your rental history, try to convince them to provide you with a letter with the details of your payment history. You can submit the letter on your own to the credit bureaus. They generally charge you a fee to put your rental history on your credit report, but it will be well worth it if the information helps to improve your credit score.
How Does Reporting Rental History Help Me?
- You may need the information to assist you with future rentals. Some landlords are very skeptical when renting their properties to renters without established rental history. Reporting this information may help you when you try to least a property in the future.
- You are established as worthy of lending credit. When you try to apply for credit, it helps when lenders can see that you have established your creditworthiness.
- It may help you when you look for a job. Many employees check credit to determine whether to employ you. The information on your credit report may help you land your next job.
The next time you decide to rent, you should make sure that your landlord will report your payments to the credit agencies. You can see a major improvement to your credit score when your landlord reports your good payment history to them. Keep reading to learn more about annual credit report questions.