Article

RentTrack Incentivizes On-Time Rent Payments and Rewards Tenants By Reporting to Credit Bureaus

Published

21 July 2020

Renting a house or apartment doesn’t yield the same credit-building benefits as making mortgage payments. That’s why LevelCredit pioneered credit reporting tools for renters to ensure their rent and utility payments contribute to their credit scores.

The number of renters in the United States surpassed 108.5 million in 2018, according to RentCafé. That is nearly a 10% increase from the estimated 99.4 million renters in 2010. Data shows that the renter population has grown twice as fast as that of homeowners.

But homeowners enjoy certain benefits that renters don’t see, including improving their credit score by making timely mortgage payments. A good credit score is one of the most significant factors when it comes to qualifying for a home loan, but renters don’t get credit for a major aspect of their creditworthiness. That can put renters...

Read the full article on BadCredit.org