Jump to content
Member? but forgot everything, can't log in... Frozen out??? ×

THIS IS A POLITICS-FREE ZONE.

Should I opt-in to WilliamPaid.com reporting of rental payments?

Menta33

By Menta33
in Credit Forum

 Share

The last post in this topic was posted 4830 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

Menta33

Menta33

Posted
Posted

I presently use WilliamPaid.com to make my rental payments each month by credit card to get rebate on my rental payments which exceeds the fees they charge, thus making a little money each month and increasing the cash flowing through my credit cards.

 

I just got an email from William Paid stating they will begin reporting to Experian for free if you opt-in:

 

www.experian.com/rentbureau

 

William Paid includes this caveat:

 

Caution: Should you have WilliamPaid report your rental payment data to Experian RentBureau, your rent payment history will be reported as long as you continue using our services through the remainder of your lease term or until you opt-out of credit reporting. Once your lease has ended we will verify that you have no outstanding balance and your account will reflect that status.

 

They also state (https://www.williampaid.com/my/credit?utm_campaign=experian-announcement):

 

Your rental payment information will be included as part of your standard Experian credit report and may be incorporated into certain credit scores, such as VantageScore®and Experian’s PLUS Score®.

After you opt-in, WilliamPaid will report your rent payment history to Experian RentBureau. Experian currently includes rent payments on its credit reports. If available, the 25 most recent months of rental payment history information will be displayed. Negative rental payment information, such as a collection account, is already reported to credit reporting companies through collection agencies.

 

I wonder if FICO will include them in their score.

 

Will this lower my average age of accounts? Will it be coded like a mortgage? Will this affect utilization? Would a dispute on moving out end up with land lord being able to ding my history?

 

What do you all think? Is this a good idea or not?


Burukan

Burukan

Posted
Posted (edited)

It seems like a good idea for those who want to start rebuilding without actually doing anything: a positive tradeline at no cost (assuming its drafted from the bank acct) on a major CRA for something that is going to be PIF (for the most part) every month. But I do wonder if FICO will consider it in its scoring.

Edited by Burukan
Mo Munny Mo Problems

Mo Munny Mo Problems

Posted
Posted

Im a landlord and if its not too expensive, a good way to receive my rental payments.

 

I have been needing something like this. Currently I pick it up in person and sometimes I get the excuses "I couldnt make it to the bank"

 

No excuses now lol. Oh wait, "my internet was down."

 

Darn

Menta33

Menta33

Posted
  • Author
Posted

Im a landlord and if its not too expensive, a good way to receive my rental payments.

 

I have been needing something like this. Currently I pick it up in person and sometimes I get the excuses "I couldnt make it to the bank"

 

No excuses now lol. Oh wait, "my internet was down."

 

Darn

 

Expense goes to the renter and only if using Credit Cards or multiple bank accounts instead of just one, it is free for the landlord and you can set up ACH receipt instead of paper checks.

Guest

Guest

Posted
Posted

Im a landlord and if its not too expensive, a good way to receive my rental payments.

 

I have been needing something like this. Currently I pick it up in person and sometimes I get the excuses "I couldnt make it to the bank"

 

No excuses now lol. Oh wait, "my internet was down."

 

Darn

 

This could be convenient for your renters, too! I know I have had days where I worked all weel, all day, and had actual real issues getting the check into the office during hours when a former apartment complex's :glare: office was open, and then a fee-happy tyrant of a LL took over and that did not go so very well.

 

This could eliminate that problem.

Menta33

Menta33

Posted
  • Author
Posted

Fee for paying by Credit Card is 2.95% which only works if you buy Amex Gift cards through Big Crumbs for 1.4% rebate and pay with a 2% rebate credit card for total 3.4% vs cost of 2.95%. If you ask nicely you might be able to get your account grandfathered into the 2.45% fee.

Mo Munny Mo Problems

Mo Munny Mo Problems

Posted
Posted

my main concern is how long does it take to actually GET my rent money? The day they submit payment I get my money sent via ACH or do I have to wait for a preset day for Direct Deposit?

 

Im just worried the money will get caught/hung somewhere for a week. That wouldnt be cool at all

v8envy

v8envy

Posted
Posted

good point, you try it first, let me know! lol Actually I have a couple in a condo of mine that would really like to buy it but need some more positive tradelines and about a year, this might help them help me get rid of the condo... I'll be willing to experiment with it even if there is limbo time with the payment. I'll report back as soon as we are all set up!

nbipbm

nbipbm

Posted
Posted

my main concern is how long does it take to actually GET my rent money? The day they submit payment I get my money sent via ACH or do I have to wait for a preset day for Direct Deposit?

 

Im just worried the money will get caught/hung somewhere for a week. That wouldnt be cool at all

 

If the payment is submitted Monday, you will have it Friday. When the payment is submitted, they don't charge the card until a few days later. I reckon it's the same with bank transfers, since they have to wait to actually receive the money.

Menta33

Menta33

Posted
  • Author
Posted

 

my main concern is how long does it take to actually GET my rent money? The day they submit payment I get my money sent via ACH or do I have to wait for a preset day for Direct Deposit?

 

Im just worried the money will get caught/hung somewhere for a week. That wouldnt be cool at all

 

If the payment is submitted Monday, you will have it Friday. When the payment is submitted, they don't charge the card until a few days later. I reckon it's the same with bank transfers, since they have to wait to actually receive the money.

 

Correct, the ACH posts a little less than a week after payment is made.

v8envy

v8envy

Posted
Posted

Ok I am taking the plunge with victim 1, I will report back with how smoothly it went, how long it took for payment, and wether or not I will allw the rest of my tenants to participate.

  • 2 weeks later...

The last post in this topic was posted 4830 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing



  • Member Statistics

    • Total Members
      190435
    • Most Online
      9039
    mhudson323
    Newest Member
    mhudson323
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.

Pages

×
×
  • Create New...

Important Information

Guidelines

  I accept