When homeowners pay their mortgages on time or a consumer pays credit cards or other financial debt, that information makes its way onto their credit reports and boosts their credit scores, thus easing their access to credit that they need.
Rent, however, is one of consumers biggest monthly expenses, but because it isn’t reported to a credit agency, paying it doesn’t improve their credit standing.
Fortunately, when property managers report rent payment information to TransUnion, it benefits both renters and property management companies. Here’s how:
- Residents get the benefit of on-time payments supporting a boost in scores
- Properties are appealing to financially responsible residents interested in building their credit score
- Rent reporting provides an additional incentive for prompt rental payments
Download the Quick Guide and find out more.