Credit history is closely tied to accessing several services such as loans and mortgages. Unfortunately, many individuals do not have much credit history despite a long history of paying rent on time. In fact, more than half of the renter population are credit invisible or classified as below prime. US-based rent reporting agency CreditMyRent makes it easy for responsible renters to build a strong credit history by reporting their on-time payments to credit bureaus. Not only does this improve financial inclusion, but it also positions these individuals for a greater chance of financial stability and success.
“We are bridging the gap between homeowners and the credit invisible,” says a representative from CreditMyRent.
“We are allowing renters to build credit using their largest monthly expense.”
Many people do not know that paying rent on time doesn’t build credit – reporting it does. By working with CreditMyRent, one can include positive rental payment information in their name and serve as a step towards establishing a good credit standing.
It proves to future lenders and landlords that one is financially responsible and can make large payments on time every month, better demonstrating their creditworthiness. This can help lower interest rates and get more people approved for loans, especially those in marginalized communities.
Since 2017, CreditMyRent has helped over 55,000 renters build credit. It has also reported more than half a billion dollars in rental payments.
To start establishing a good credit history with CreditMyRent, consumers simply need to create an account with the agency, and CreditMyRent’s experienced team will handle the rest. They’ll verify the information and rent payment transaction on the client’s behalf and report them to the bureau every month. They can help report up to 24 months of previous rental payments. In general, the CreditMyRent clients saw positive results in 45 days or less.
The reporting agency uses a best-in-class, 3 phase system of safety safeguards to ensure the veracity and security of the client’s information. This security encryption is only used by the largest institutions in the financial industry. CreditMyRent respects clients’ privacy rights, so they can be rest assured of the security of each transaction.
CreditMyRent’s transformative services empower millions of individuals to participate more fully in the country’s financial system, enabling them to build a positive credit history and pursue economic mobility without incurring additional debt.
Find more details about CreditMyRent and start building good credit standing here: https://www.creditmyrent.com/.