How does rent reporting work? There are 4 simple steps to the rent reporting process.
1. Verification of your identity and rent payments: On your application, we need basic information such as your social security number, date of birth, address, and your landlord’s contact information. Your social security number ensures that your rent history is clearly matched with your credit profile.
2. Verification of your rent payments with your landlord: We work directly with your landlord to verify their identity and confirm your on-time rent payments both over the last 24 months, and in the months to come. For a fee of $50 each, we can also verify and report rent payments made to multiple landlords within the past 2 years.
3. Rent reporting to credit bureaus: We report your rent history to Transunion, one of the major credit bureaus. You receive an email notification when this is completed. We anticipate also reporting to both Experian and Equifax in the near future.
4. Tradeline creation on your credit report: A new tradeline is created on your credit report within 5-7 business days. You receive a notification when this is completed. As you continue to pay your rent each month, more information is added to this tradeline. This is why it is important to keep your subscription paid and current every month.