Experian: Another Good Reason to Pay Rent On Time - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Experian: Another Good Reason to Pay Rent On Time

Experian: Another Good Reason to Pay Rent On Time

Experian: Another Good Reason to Pay Rent On Time
The content is accurate at the time of publication and is subject to change.

Paying rent on time has never been a better idea! Because the U.S. homeownership rate has not looked this bad in over ten years, Experian’s potential credit boost has received a warm welcome. About one-third of Americans rent their home and Experian is making rental history a part of building good credit. Being a renter myself and proud to say that I have always been on time; I think it is great to have the opportunity to add to my growing credit history. Who does not want every good point that they can get?

Many college students could benefit from this because insufficient credit history tends to be the problem at this stage in life. No matter who you are though, as long as you are paying rent on time, you could always benefit from an increase in good credit.

Those who rent out apartments or their own property will have more information to base a decision on who will be accepted to rent and who will be denied. Having more data on rental history is beneficial to know if someone is responsible and likely to pay their rent on time.

Experian’s rent payment history is like extra credit points from the teacher you wish you could have received the points from, unless you are among those who do not pay rent on time. Right about now, you may be getting nervous and thinking of who you can borrow money from until the next paycheck. If this is you, today could be the day to make a resolution to pay rent on time from now on.

However, there’s a catch! Besides not paying rent on time, the problem with Experian’s idea of helping good renters out is that only about 8 million renters are being reported about by their property managers. This might only be about 22% of all American renters. While Experian is the first to include rent payment history, they do not know the payment history about the majority of those who rent.

As I was coming to the close of this article, I called my landlord curious if he reports my rent payments of Experian. He said “no.” I still plan to pay on time but it would have been nice to know that paying one time was helping me build good credit. I suppose late payments on rent will have to be enough to keep the majority of us paying on time for now.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

With The Chase App Cardholders Can Send Gift Cards
With The Chase App Cardholders Can Send Gift Cards

Posted: April 19, 2019

Have you ever wished you could just send a gift card to someone easily and quickly? If so you might want to check out the new feature Chase has added to their app letting users do just that. With the Chase App cardholders can not only… Continue reading

Getting 100,000 Bonus Points with the Marriott Bonvoy American Express Credit Card
Getting 100,000 Bonus Points with the Marriott Bonvoy American Express Credit Card

Posted: April 17, 2019

If you have the Marriott Bonvoy American Express credit card you might want to head over to the website to register your card so you can pick up an extra 100,000 bonus during the year. How does it work? It is fairly simple. Continue reading

Refer a Friend for the Chase Sapphire Preferred Credit Card and get 15,000 Points
Refer a Friend for the Chase Sapphire Preferred Credit Card and get 15,000 Points

Posted: April 15, 2019

People with the Chase Sapphire Preferred Credit Card can now get 15,000 bonus points if they refer a friend – and the friend is approved. What’s even better is that they can make up to five referrals which would let them bank an extra… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Introducing the New Citi Rewards+ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap
For Excellent, Good Credit
Enjoy 70,000 bonus miles after spending $5,000 on purchases in the first 90 days
For Good/Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!