The news is in!
More than 70 percent of American apartment dwellers said that they want their utility and rent payments to count toward their credit history, according to a WilliamPaid survey of more than 1,000 renters that was conducted on July 12 to 15, 2013. The findings, which were released today, also indicate that one-third of respondents had been denied lines of credit within the past year, demonstrating that Americans need all the help that they can get when it comes to building good credit for their futures.
Other noteworthy stats from the survey include:
• Fifty-six percent of respondents are renting an apartment with a plan to someday own a home, while 43 percent are planning to continue renting indefinitely.
• Forty-two percent said that parents should stop paying their kids’ rent between the ages of 18 to 20. Thirty-three percent, however, said that they would raise the cutoff point to age 22.
• Sixty-three percent said that they had not been rejected for a credit application within the last year, but 37 percent (some 332 people) had been rejected.
What’s more is that while one-third of respondents who are in their late 20s to early 30s have no or poor credit history, they are still spending large amounts of money every month on utility and rent payments—largely wasted opportunities to build credit!
The only question that remains is this: why should it be the status quo that people have to build debt in order to build credit? And what is the solution to this?