New cra for those that rent

[LKH]

Apparently this new cra called "payrentbuildcredit.com, will allow you to report your rent payments. They say they will allow you to report your own rental history which they will verify. They will also allow utility payments to be reported.

 

 

http://www.payrentbuildcredit.com/

 

 

Pay Rent, Build Credit offers three easy ways for you to build your credit with your rent and other recurring bill payments.

 

Historical Payments

1. After you register for secure access to the PRBC website, you may add payment records for recurring bill payments such as rent, utility, insurance, day care, phone, and cable payments.

 

2. Take your proof of payment and account information (signed lease agreement, utility bill, cancelled checks, verifiably official receipts of payment, etc.) to a PRBC Enrollment Partner for payment verification.

 

3. The PRBC Enrollment Partner checks to make sure you have entered your account information and payment history accurately and finalizes the submission of your payment data into the PRBC Data Network.

 

 

Online Bill Payments

1. Use online bill payment services offered by PRBC Bill Payment Partners, to save money and accurately record the date and time you make your payments.

 

2. Provide your PRBC registration information (PRBC ID) to your PRBC Bill Payment Partner to get credit each time you pay a bill.

 

3. When you make your bill payments, the information is submitted to the PRBC Data Network, and your credit history grows.

 

 

Payments to Partner Landlords

1. If you rent from a PRBC Landlord Partner speak to them about how they participate with Pay Rent, Build Credit to see if there is anything you need to do to get started. You may need to do nothing at all!

 

2. Even if your landlord is already reporting your payments to PRBC, you should register on the PRBC website so you can check the reported payments for accuracy and watch your credit history grow.

 

 

Here is a link to an article from Sundays' Arizona Daily Star where I found out about this.

 

http://www.dailystar.com/dailystar/home/5391.php

[OneShoeOff]

This is interesting news. I hope that this type of thing becomes a standard practice for renting. While many of us may have a few baddies on our reports, many of us have NEVER been late on rent payments. Housing takes priority over everything else in tight situations. Unfortunately, my perfect rent record (5+ years) is nowhere to be found on my reports.

 

I'm definitely going to look into this a little more.

[SassyinAz]

Very cool, about time too!!!!!!!!!

 

A much needed resource, I say.

 

Sassy

[creditmania]

an excellent resource. Also, more and more landlords are accepting Amex for payment of rent. A great way to build up Rewards points.

[TeeSharice]

I saw this in yesterday's paper...very interestign indeed....

Although renter's still have to contend with SafeNet who dont want to admit they are a CRA

[hinklesc]

an excellent resource.  Also, more and more landlords are accepting Amex for payment of rent.  A great way to build up Rewards points.

 

Your landlord takes card payments? I could see if it was a large company. That is the first I have heard fo that though.

 

If I can get Countrywide to accept mortgage payment, and Toyota Credit to take payment with Amex.

[hinklesc]

I don't like this idea at all. Credit for a card or loan is one thing, credit for housing is another.

 

I know you all write about how you would like this since you have made all payments on time. However, look at the flip side. Say, you hit on hard times and cannot make your rental payment. You are evicted and reported to the CRA. Then what does someone do if they have bad credit, and bad "rental" credit. People would refuse to rent to you due to this, and might have to live in a box with a shopping cart in your driveway!!!

 

I think this is actually pretty scary! :shock:

[Mnemonic]

Honestly I think this is great... something I will have good credit in..

 

Except if I mess up... then i'll hate it.

[CargoJon]

This brings to mind and interesting point/debate....In times when things get really tight, and choices need to be make as to who gets money...

 

Should we go with the ones who report first? Obviously if the rent is 20 days late, they'll be late fees, but nobody's gonna smack your credit either.

 

Whaddya think?

[LadynRed]

Ok, lets get real here. If you go to rent an apt from any COMMERCIALLY run complex, run by Real Estate offices or property managment companies, these companies wiill ALWAYS pull your credit. From my own personal experience (in Nashville) most, if not not all, of these apt places post signs that say if you have a bankruptcy less than 2 years old they will NOT rent to you. If you have a history of charge-offs, serious late-pays, judgments, or simply bad credit they will not rent to you. If they don't post a sign, then they hand you the same info on paper. Once you read that - forget filling out the application.

 

Even though I have NEVER not paid my rent (late a few days once or twice), my good RENTAL history means squat to these commercially run places. I think its bull that they can even pull credit, but there's not much we can do about it these days.

 

While I agree this new company is a great idea, I don't think its going to help much - commercially-run apts are STILL going to pull your CR and if its bad, you're not going to get an apt, or they'll charge you out the bazoo for a deposit.

 

If you've got lousy credit you don't have to live on the street or in a box. You just have to work a little harder to find an INDIVIDUAL who is renting out an apt, condo, house, etc. These people, unless wealthy, aren't going to pay to pull your credit, they may only want references from your old landlords - and that's REALLY what counts anyway !! The upside is that you can often get a bigger place for less money from an individual than you'll EVER get from a apt complex or property management company.

 

Just my 2 cents and personal experience

[Mnemonic]

I have had my EQ run from my last landlord... and that was in a illigal apartment... didnt go thru a broker or anything... I got the place back then tho...

[Joe Schmoe]

Ok, lets get real here. If you go to rent an apt from any COMMERCIALLY run complex, run by Real Estate offices or property managment companies, these companies wiill ALWAYS pull your credit. From my own personal experience (in Nashville) most, if not not all, of these apt places post signs that say if you have a bankruptcy less than 2 years old they will NOT rent to you. If you have a history of charge-offs, serious late-pays, judgments, or simply bad credit they will not rent to you. If they don't post a sign, then they hand you the same info on paper. Once you read that - forget filling out the application.

 

Even though I have NEVER not paid my rent (late a few days once or twice), my good RENTAL history means squat to these commercially run places. I think its bull that they can even pull credit, but there's not much we can do about it these days.

 

While I agree this new company is a great idea, I don't think its going to help much - commercially-run apts are STILL going to pull your CR and if its bad, you're not going to get an apt, or they'll charge you out the bazoo for a deposit.

 

If you've got lousy credit you don't have to live on the street or in a box. You just have to work a little harder to find an INDIVIDUAL who is renting out an apt, condo, house, etc. These people, unless wealthy, aren't going to pay to pull your credit, they may only want references from your old landlords - and that's REALLY what counts anyway !! The upside is that you can often get a bigger place for less money from an individual than you'll EVER get from a apt complex or property management company.

 

Just my 2 cents and personal experience

 

I'm going through the exact same thing right now. :cry:

[hinklesc]

This CRA will not be significant anyway. They can pull your CR from EQ, EX, and TU just as easily, and it is more widely accepted.

 

Asking the landlord if he will pull from the Rent site rather than from a real CRA. My mother rents houses and she always pulls a report from new renters. Never turned anyone though. I think it is more for identification if they skip. Once had a couple from MN that left 1 of her houses with holes in the wall, burns in the carpet, and even took the washer, dryer, stove, and refrigerator.

 

Since they left the state they never filed criminal theft charges, but the $$$ amount was given here in a judgement, and she is getting paid everytime they get a check, since she has a garnishment on them!

[Joe Schmoe]

I signed up for that site but they don't list anyone to go verify your payments with!!!

 

I emailed them and they said they will have a list in 30 days :x

 

But it seems like a good service, I already entered in my rent, insurance, and utilities. Just need to get it verified.

[tattedbrat]

Any updates on if they have created a list of who to verify with or if the service actually works?

[belleama]

Does anyone that signed up here still use the service? Is it any good?

 

TIA

[43texan]

If you are looking to get a mortgage, I have been told cancled checks for 12 months would do for payment history. the only time I had trouble with rent is when it was 2700, 500 a month was going towards the lease purchase, when i got to stressed out paying so much, I asked my landlord to go down to the original rate of 2200 a month until we purchased the house in 4 months. He declined, we moved out that next month, and his house instead of letting me pay 2200(the actual mortgage was only 1800)has and is still vacant now for over a year...I would of qualified and purchased when the lease was up.(scores were higher then)I would not of wanted on that site then!