How can my tenants build their credit history?
A tenant can enable the Rent Reporting option on their end, to report rent payments to credit reporting bureaus. It will help them to build their credit history.
Once you are connected with your tenant and have an active and shared lease with monthly recurring rent invoicing, a tenant can enable the Rent Reporting option for that lease.
After a tenant enables Rent Reporting, rent payments will be automatically reported on the 21st of each month to the major credit bureaus TransUnion and Equifax. These credit bureaus will then include rent payments reported by the system, which helps to build the tenant's credit score.
The Rent Reporting option will be automatically disabled for the tenant in the following cases:
- the lease status changes from active into past/ended or any other;
- the frequency of the lease changes from “monthly” to any other;
- the recurring payment is disabled;
- you delete the lease;
- you reset/delete the account;
- the tenant deletes the account.
May 14, 2023