There are four simple steps involved in the Rent Reporting process:
The Verification Process:
There are two steps to the verification process. The first step of this process is confirming your identity. We will use the information you provided in your application to verify your identity. The information we use for this purpose includes your address, social security number, and date of birth. We will also ask for your landlord’s contact information. Your social security number is used to verify and confirm your identity with the credit bureaus.
LandLord Verification: During the Landlord Verification, The Verifications Team will reach out to your Landlord or property management to verify that tenant has a lease and is current with monthly payment. During this verifications process, we will request documentation from the Landlord or property management to establish the lease agreement. Landlord or Property Management will have to agree to sign a simple agreement between Rent Report Team. This agreement gives Rent Report Team the authorization to report your rent payment to your credit report. Please note if it’s a Private Landlord, He or she will have to provide a copy of their Driver’s License that will help establish true ownership of tenant address.
Credit Bureau Reporting:
Credit bureau reporting is the final step to reporting your monthly rental payment. Once Rent Report Team receives all the necessary documents to report your credit file, we will establish the trade line with credit bureaus. Once this step is complete, we will report your rental payment on a monthly basis.
Benefits of a Tradeline on Your Credit
Making on-time rental payments adds ongoing positive information to your credit report, thus boosting your credit score.
Credit scoring technology is operated by credit bureaus, and this is the reason we are not able to determine how many points your credit score changes. Aside from this, we are confident in the positive results you will notice in your credit score from the satisfaction of our previous customers. On average, our customers notice a 25 to 50-point increase in their credit score once the trade line is established on credit report.
You can expect the change in your score to occur within 5 business days after all of the rental and landlord verifications is complete and the trade line has been established. The initial increase in your credit score can range anywhere between 25 to 50 points.*
All changes you may need to make, including changing your billing method or mailing address, can be made by logging into your account with the username and password you created when you opened account. Feel free to contact one of our dedicated customer representatives. They can address and resolve any questions and concerns you may have.
These fees are in place for initial and continuous verification purposes to boost your credit score. The one-time fee pays for the landlord verification process, and the ongoing monthly subscription fee allows us to verify and report rental payments you make automatically.
Tenants who have an average or better than average credit score have better financial opportunities, such as lower credit card interest rates, lower car payments, loan offers, which in return can lead to home ownership.