Experian is beginning to assist renters build credit scores with the recent purchase of RentBureau. RentBureau is a company that collects information from landlords on renter payments. Their goal is to incorporate the rental payment history as an active trade line to generate part of the historical information.
This will help with multiple groups:
College no more free credit cards to pay for beer LOL!
helps in getting jobs, since more companies are using credit reports to screen applications.
will help create a stable payment history.
This is the first agency to begin using these so alternative tradeto actually help with creating a credit score. Along with paying all the other areas of scoring (mortgage, revolving credit, lines of credit and auto loans) on time should help build credit scores for the next generations or those that are just getting started.
This is positive move for Experian due the housing market here in Phoenix. The number of people that own a home is the lowest since 1998 according to the U.S. Census Bureau. According to the s database in Phoenix the number of renters occupying homes is 41%.
This is going to be a process to get the data solid before it shows up on all reports. s data is limited to only include 8 million residents nationwide. Lower income households could really start to see a negative influx due to, paycheck to paycheck lifestyles.
Also Section 8 housing renters would see credit lines on their credit report when the State is paying the .how do you like those tax dollars being .?
We (Praxis Credit Consulting) began to see Experian including the information that comes from s data bases in February 2011. m sure we will see more challenges
Such as..Do these lines follow the same rules as the Fair Credit Reporting Act which provides for both positive and negative line? Can these items be corrected or explained?
Just like Facebook; s one more thing that lenders, landlords, insurance agents and even employers can inquire or obtain about your spending and payment habits.
This could be great news for renters who dream of owning their own home, a local lender informed me as we were preparing for our radio show.
Experian claims to be the first and only major credit reporting agency to include residential rental payment data in credit reports. However Trans Union, collects rental payment data and supplies it to landlords through its subsidiaries to help them screen potential tenants with their credit checks.
Yet another way to prove that Big Brother is watching more than ever these days, all three of the major s will be using every modern tool available to provide as much information about you as they can for someone else that will pay.
In closing, just like my Mom always If you t want other people to talk about you just do theI guess in this case it is simply to do whatever it takes to pay your bills on time.
See how we can help you either correct these problems or just make them go away.
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