You’ve heard the news: It’s now possible to make your rent and utility payments boost your credit score.
This type of reporting is the leading form of so-called alternative credit data. For many people, rent payments are their biggest expense. How to access this bonus? How to report rent payments to credit bureaus?
Here’s the first thing to know: You can’t do it on your own. This is why less than 1% of Americans see their positive rental payment history in their credit files.
The major credit bureaus – Equifax, Experian, and TransUnion – don’t accept data on creditworthiness from just anyone. Take credit cards, for example. The only entity that can tell the credit bureaus how responsibly you are using your credit card is the financial institution that issued the card. Why are only they allowed? Because the bureaus have vetted the bank, and confirmed that they are credible and trustworthy.
This same principle applies to rent payments. Only a certified data furnisher can report rent payments to credit bureaus.
Luckily, LevelCredit are a certified data furnisher, with the power to report rent payments to credit bureaus. We were the first to gain the power to do this. We are still one of the very few data furnishers that can report credit data directly to Equifax and TransUnion.
So if you’re wondering how to report rent payments to credit bureaus, the answer is: let LevelCredit help you. Via a simple signup process, we can immediately begin reporting your rent to credit bureaus, and start getting you the credit you deserve.
The benefits appear fast. On average, LevelCrdit users’ scores increase by an average of 20 points in two months, and 50 points after two years. For those with subprime scores, the boosts are even higher, often over 50 points in two months. Oh, and we maintain bank-level security with every user we work with.