We’re an Experian RentBureau Community
We believe that our residents should get credit for managing the payments for the place they call home. That’s why we’re working with Experian RentBureau to include positive rental payment data in Experian credit reports.
What This Means for You
By reporting your on-time rent payments to Experian’s RentBureau, we are offering you an opportunity to build or improve your credit history simply by paying your rent on time. This new benefit can positively impact your credit score, which can help you achieve your financial goals faster.
Benefits of Positive Rent Payment Reporting
- Boost Your Credit Score: On-time rent payments will be recorded as a positive factor on your credit report, potentially increasing your credit score.
- Build Credit History: For those with little or no credit history this is a great way to start building a strong credit profile.
- Achieve Financial Goals: A higher credit score can lead to better terms on loans, lower interest rates, and more favorable terms on credit cards.
- Gain Recognition for Financial Responsibility: Your consistent and timely rent payments will now be recognized and rewarded.
How It Works
- Automatic Reporting: You don’t need to do anything extra. We will automatically report your rent payments to Experian’s RentBureau each month.
- Positive Impact: Each on-time payment will be reflected on your credit report, contributing positively to your credit score.
- Privacy and Security: Your personal information and payment data will be handled with the utmost confidentiality and security.
Why We’re Doing This
At Rent Cedar Valley, we believe in supporting our residents’ financial health and success. We understand the importance of a good credit score and want to provide you with every opportunity to improve and maintain a strong financial standing. By partnering with Experian’s RentBureau, we are taking significant steps towards helping you build a better financial future.
Credit Reporting FAQ’s
Will my rental payments affect my credit score?
Your rental payment information will be included as part of your standard credit report and may be incorporated into certain credit scores, such as VantageScore and Experian’s PLUS Score.
What type of rental payment information is on my experian credit report?
Only positive rental payment history has been added to your Experian credit report. If available, the 25 most recent months of rental payment history information will be displayed. Negative rental payment information, such as a collection account, is already reported to credit reporting companies through collection agencies.
Can I improve my credit by paying my rent on time?
Yes. The inclusion of positive rental payment history within Experian credit reports allow you to establish or rebuild your credit through timely rental payments. Better credit means qualifying for credit products you deserve.
How will lenders use my rental payment information?
Lenders may consider your rental obligation when determining your ability to repay new debt. Each credit grantor decides what standards you must meet for it to grant you credit.
Why does my apartment lease appear as an installment loan?
Your apartment lease is considered installment credit, similar to an auto loan, which consists of paying regular installments of a fixed amount over a set period of time, usually measured in months or years.
Why does my credit report show a credit limit for my apartment lease when it is not a line of credit?
Experian calculates an “original loan amount,” which represents the sum of the total payments over the entire period of the lease agreement. For example, a 12-month lease with a $1,000 monthly rental payment would add up to $12,000 (12 months x $1,000). We are aware that some credit report systems display this amount as a credit limit. However, this does not imply that the consumer received a loan or has a line of credit.
Why does my credit report show an outstanding balance for my apartment lease when I don’t owe any money?
An outstanding balance or “current balance” amount on your rental payment history represents the sum of all rental payments left on the lease. The balance denotes the total amount you will be responsible for over the remainder of the lease. As you pay your rent each month, the outstanding balance will continue to decrease.
What should I do if I find an error or encounter a problem with my credit?
All disputes are processed by Experian’s National Consumer Assistance Center. If you have a dispute or a concern, you can call Experian toll-free at 1-888-EXPERIAN (1-888-397-3742) or you can access a dispute form online at www.experian.com/disputes/main.html.
Request a copy of your personal credit report directly from Experian and review it carefully. If you find an error, simply dispute the information immediately online or call or write to Experian following the instructions provided with your report.
Upon receiving your dispute, Experian’s National Consumer Assistance Center will investigate, either resolve or affirm the dispute, and send you the results of the investigation. This dispute process can take up to 30 days from the date the dispute is received.