Are you struggling to build your credit history? Whether you’re a student, new to the country, or haven’t had the opportunity to establish credit yet, RentPlus can help you build credit and improve your financial health. Here’s how RentPlus can help you build credit:
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Reporting to Credit Bureaus
RentPlus reports your rent payments to credit bureaus, which helps you build credit over time. According to a study by TransUnion, 100% of renters who previously had no credit history saw an improvement in their credit score after six months of on-time rent payments. Another TransUnion research shows that when rent payments were reported, renters saw an average increase of nearly 60 points to their credit score.
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Adding Positive Payment History
In addition to reporting on-time rent payments, RentPlus also offers back reporting (up to 24 months), which can help improve your credit score even faster. This means that if you consistently pay rent on time or early, RentPlus will report that positive payment history to credit bureaus, which can help you build credit more quickly.
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Offering Credit Education
RentPlus provides credit education, FinStrong, to help you understand the importance of personal finance, building credit, how credit works, and maintaining good credit habits. By learning about credit, you can make informed decisions that will help you improve your credit score over time. MoneyPlus and ID Theft Protection are offered to you at no extra cost.
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No Credit Check Required
RentPlus doesn’t require a credit check to sign up. This means that even if you have little or no credit history, you can still use RentPlus to build credit.
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But don’t just take our word for it! Here’s what some of our RentPlus users have to say:
“I’ve been using RentPlus for a year, and my credit score has significantly improved. I never knew that paying my rent on time could have such a positive impact on my credit.” – Sarah.
“I was hesitant to sign up for RentPlus because I had no credit history, but I’m so glad I did. It’s helped me establish credit and get approved for a credit card.” – Tom.
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In summary, RentPlus can be an effective tool to help you build credit. We can help you establish credit or improve your credit score over time by reporting your on-time rent payments and offering credit education.
Resources:
TransUnion Analysis
TransUnion Research
