What is Rent Reporters?
RentReporters is a rent reporting service that can help you build or improve your credit score by reporting your rent payments to the credit bureaus, specifically TransUnion and Equifax. Founded in 2015, RentReporters aims to transform the often-overlooked rent payments into a powerful credit-building tool.
How Does RentReporters Work?
RentReporters verifies your rental payments with your landlord and reports them to TransUnion and Equifax. The service can report up to 24 months of past rental history and continue to report your rent payments moving forward. This can be especially helpful if you’re trying to build credit quickly for things like loans or rental applications.
Key Features:
Reporting Up to 24 Months of Rent: RentReporters allows you to retroactively report your rent payments from the past 24 months. This can provide a significant credit boost, especially if you have a history of on-time payments
Quick Credit Boost: With their VIP service, RentReporters promises to verify and report your rent within 3 to 5 days. This feature can be helpful if you need an immediate improvement to your credit score.
Roommate and Spouse Discount: If you share rent payments with someone else, you can add them to the account at a discounted rate of $50 for enrollment, making it a good option for couples or roommates
What is Rent Reporters Pricing? How much do they charge?
RentReporters charges a one-time enrollment fee of $94.95, followed by a monthly subscription of $9.95. Alternatively, you can opt for an annual payment of $94.50, which is more cost-effective in the long run. This fee structure puts RentReporters on the pricier side compared to competitors like Boom and Credit Rent Boost
What Are The Pros & Cons of Rent Reporters?
Pros:
Potential for Significant Credit Boost: Many users have reported noticeable improvements in their credit scores, with increases of 40-50 points or more after using RentReporters.
Expedited Service Available: The VIP service offers faster reporting, which is beneficial if you're in a hurry to improve your credit before applying for a loan or mortgage.
Spouse/Roommate Discounts: Offers discounted rates for additional users, making it suitable for people sharing rent payments
Cons:
Only Reports to Two Bureaus: RentReporters only reports to TransUnion and Equifax, so you won’t see any changes to your Experian credit report.
High Signup and Monthly Fees: The $94.95 signup fee and ongoing monthly payments of $9.95 make it one of the more expensive rent reporting services available
Refund Policy Caveat: RentReporters does offer a refund within seven days if you don’t see results, but they will remove the rental history from your credit report if you claim the refund
Alternatives to Consider
Boom Pay: At just $3 per month with a $10 setup fee, Boom Pay is significantly cheaper and reports to all three credit bureaus. However, it lacks RentReporters’ VIP expedited service. Try Boom Pay Now
Credit Rent Boost: Another option that offers a lower cost per person, Credit Rent Boost reports rent to all three major credit bureaus and is known for excellent customer service
Is RentReporters Worth It?
If you're looking for a quick and effective way to improve your credit score, RentReporters can be a great option, especially if you’ve been making rent payments on time for the last 24 months. However, the cost might be a concern for budget-conscious users, especially considering there are cheaper alternatives available that report to all three credit bureaus.
Ultimately, RentReporters is a solid choice for those who need a fast credit boost and are willing to pay a premium for the convenience and expedited service. For those who want a more affordable option or who need to report to all three credit bureaus, other services like Boom or Credit Rent Boost may offer better value for money. Try Rent Reporters Now
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