Experian Adds Rent Payments To Credit Scores
COSTA MESA, Calif. – Credit bureau Experian said it became the first major keeper of consumer credit histories to include successful rent payments in credit scores.
Experian is able to provide this addition service after acquiring the renter-tracking business of RentBureau last June. RentBureau gets daily reports on rental payment histories from a collection of landlords that house 8 million residents.
Previously, the major credit bureaus, Experian, TransUnion and Equifax, only included missed rent payments in their scores. Experian believes tracking successful rent payments will help those who often have difficulty obtaining credit — from college students to immigrants.
Tracking successful rent payments can build these frequently underbanked groups’ credit standing and boost their ability to borrow and/or benefit from the many advantages of having a higher credit score, Experian noted. It may also help people trying to rebuild their credit after financial difficulties that might include bankruptcy or foreclosure.