Posted by: phillipsre | March 17, 2015

Good News for Tenants Looking to Boost Credit Scores

Credit report with scoreAs a homeowner, when you pay your mortgage each month on time, your credit score improves. As a renter or tenant you pay your rent month after month, on time with no issues. But also, without any reward. The struggle many tenants find is that when they are finally ready to purchase a home, a lot of times their credit score is not reflective of their positive renting history.

But now, landlords are able to utilize new technology and a company called RentTrack, that uses rental payment history to help new home buyers qualify for loans.  Rental payment history is not normally reported on credit reports, yet it reflects your consistency with timeliness of payments. This article from the LA Times discusses how tenants and landlords can take advantage of the benefits of these new high-tech intermediaries who set up electronic rent-collection systems for tenants.

 

 

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