If you’ve never had a credit card or a loan, your credit history is most likely a blank slate. Your credit history, as documented on your credit report, gives people like creditors, lenders, and landlords a record of how responsible you are with money and ultimately impacts their decision on whether or not they’ll give you a credit card, extend you a loan, or rent you that amazing new apartment you’ve been searching for. Without any credit history to speak of, how do you go about building it?
How about starting by doing something as simple as paying your rent?
When you pay your rent each month, you probably think about how it goes straight into your landlord’s pocket. Since most landlords don’t report information to a credit bureau, how are you supposed to build credit history?
Our new collaboration with Experian RentBureau is looking to change that.
WilliamPaid enables renters throughout the country to pay their rent electronically. Now, with Experian RentBureau, renters who use our service can opt in to have their rental payments reported to Experian RentBureau. Experian currently includes on-time payments on its credit reports which may help renters to build their credit history. And as long as you pay your rent through your bank account, there is no fee to the renter or the landlord for paying your rent through WilliamPaid. Regardless of the payment type chosen, the reporting of payments to Experian RentBureau is free.
For renters, this is an opportunity to build credit history for something you do every month – pay your rent. With no fee or charge, there’s no reason not to start building your credit history and we’re here to help.
For landlords, it encourages on-time payments, less manual processing of rent checks and the ability to further differentiate their properties by offering their residents this benefit.
With 35 percentof the U.S. population renting, a rent payment should mean much more than just a positive mark in the landlord’s ledger. Sign up for our services today and see just how much more paying your rent can mean to you!