Did you know that the highest expense for most consumers is their “Living Expense.” For some consumers, its the mortgage payment, but for most consumers, its their rent payments. In some states, over 72% of the population live in rental properties. Even with most consumers paying monthly rent to live in an apartment, condo, or etc, the problem is that those monthly rent payments are not a part of their credit report……..until now.
If your landlord or condo association is not apart of “Rent Track”, then its time to get them updated….ASAP! Unlike auto loans, student loans, or credit cards, rent payments DO NOT show up on your credit report. Why you ask? Rental Agreements are not loans or instituted by banks/lenders. This means that since you are not borrowing money and paying it back, there is no one expecting to see or report these payments. This is where the landlord or association comes in. Rent Track’s system is simple and easy for everyone to use, understand, and benefit from. Here are a few reasons why you should be a part of the movement.
1. Every time you make a payment for rent to your landlord, you it will show on your credit report as an on time payment. Since 35% of what makes your credit score comes from payment history, your credit score will increase and will continue to sky rocket!
2. Rent Track gives the renter the opportunity to pay online and for your landlord to have direct deposit! This means you can pay your rent from your phone or computer like any other bill.
3. Most younger renters are in the process of building and establishing their credit scores. With Rent Track, this will show future lenders that you can pay large amounts on time and on a monthly basis. Imagine what 12, 24, 36, or 48 on time monthly payments can do to your credit score.