Living in the digital age means every financial move we make can be a step towards building a healthier credit score. Gone are the days when paying rent was seen just as a monthly chore with no perks. Enter rent reporting services – the unsung heroes of the modern credit world.
These platforms are not just changing the game; they’re redefining it, making every rent payment a potential boost to your credit score.
But with so many services popping up, how do you choose the best? Fear not, for we have curated a list of the top rent reporting services of 2024, guaranteed to turn your rent payments into a credit-building machine.
Direct-to-Consumer Services
Direct-to-consumer rent reporting services are designed for tenants who want to take the initiative in having their rent payments reported to credit bureaus. Typically, you, the tenant, will sign up directly with the service provider, and they will either work with your landlord to verify your rent payments or connect to your bank account to track rent payments automatically.
RentReporters
Known for its effectiveness and positive customer feedback, RentReporters directly reports to credit bureaus, making it a top choice for individuals looking to independently boost their credit scores.
They claim that their customers see an increase of 35 – 50 points on their credit score within the first cycle of billing.
Fee: $94.95 one-time sign-up fee + $9.95 monthly subscription fee ($7.95 for annual plan)
Reports to all three bureaus: No (Reports to TransUnion and Equifax)
Offers Retroactive Reporting: Yes (Up to two years for the same address)
Requires Landlord Participation: Yes
Other features:
☑ Dedicated account manager
☑ Updates credit reports within 48 hours
Rental Kharma
Rental Kharma offers an affordable way to get your rent payments counted towards your credit score. With a small setup fee and a monthly rate that won’t break the bank, you can start seeing your on-time rent payments reflected in your credit report.
They report to one major credit bureau, with the option to add another for a fee. Ideal for renters looking for a budget-friendly option without compromising on quality.
Fee: $75 one-time set-up fee + $8.95 monthly subscription fee
Reports to all three bureaus: No (Reports to TransUnion and Equifax)
Offers Retroactive Reporting: Yes (all past payment history on current rental)
Requires Landlord Participation: Yes
Other features:
☑ Quick setup
☑ Offers discounts for spouses or roommates
Credit Rent Boost
Credit Rent Boost distinguishes itself with a personalized touch. Focusing primarily on rent reporting, this service works directly with tenants and landlords to ensure accurate reporting of rent payments.
It’s an ideal choice for renters seeking a service that can facilitate a direct connection with their landlords for credit reporting purposes. Credit Rent Boost claims that its customers see an increase of 30 – 100 points on their credit score.
Fee: $25 one-time set-up fee + $6.95 monthly subscription fee ($49 for annual, waived set-up fee)
Reports to all three bureaus: No (Reports to TransUnion and Equifax)
Offers Retroactive Reporting: Yes (up to 24 months for an additional fee)
Requires Landlord Participation: Yes
Other features:
☑ Quick setup
Boom Pay
Boom Pay stands out for its innovative approach to rent and utility payment reporting. With a strong emphasis on automation and user-friendliness, Boom Pay simplifies the process of having your payments reported to the credit bureaus.
Boom users have experienced impressive credit score boosts, with some seeing increases of more than 105 points. On average, users enjoy a boost of over 28 points in just two weeks.
Fee: $10 sign-up fee + $3 monthly subscription fee
Reports to all three bureaus: Yes
Offers Retroactive Reporting: Yes (up to 24 months for an additional fee)
Requires Landlord Participation: No
Other features:
☑ Quick 2-minute enrollment
☑ Continue reporting even if you move
☑ Access to credit score included
StellarFi
StellarFi distinguishes itself as a versatile financial wellness platform that not only reports rent payments to credit bureaus but also includes a wide range of other bill payments, like utilities and subscriptions.
This service is ideal for individuals seeking a comprehensive strategy for credit building, extending beyond mere rent reporting.
Fee: $4.99 – $9.99 depending on membership
Reports to all three bureaus: No (only to Experian® and Equifax®)
Offers Retroactive Reporting: No
Requires Landlord Participation: No
Other features:
☑ Enables users to improve their credit scores through everyday bill payments, including phone bills, rent, gym memberships, and streaming services.
☑ Integrated payment platform
Landlord-Initiated Services
In this category, the services work directly with landlords or property management companies to report the rent payments of their tenants.
Zillow Rental Manager
Zillow, a giant in the real estate industry, offers a feature through its Rental Manager platform that allows landlords to report rent payments.
This is particularly beneficial for tenants whose landlords use Zillow to manage their properties, as it seamlessly integrates credit-building opportunities into the rental process.
Fee: Free; fees for credit card and debit card transactions apply
Reports to all three bureaus: only to Experian
Offers Retroactive Reporting: No
Requires Landlord Participation: Yes
Other features:
☑ Positive reports only
☑ Integrated payment platform
ClearNow
ClearNow takes a slightly different approach by integrating rent payment processing with credit reporting. This service debits your rent from your bank account and reports these payments to the credit bureaus.
It’s a great option for those who appreciate simplicity and automation in managing their finances. Plus, their long-standing reputation and positive customer feedback speak volumes about their reliability and effectiveness.
Fee: Free
Reports to all three bureaus: only to Experian
Offers Retroactive Reporting: No
Requires Landlord Participation: Yes
Other features:
☑ Flawless BBB rating
☑ Integrated payment platform
Free Services and Add-ons
This category includes services that offer rent reporting as a free add-on to their main offerings or entirely free rent reporting services. They might be part of a larger financial wellness platform or a rewards program that includes rent reporting as one of its benefits.
Experian Boost
Experian Boost is a free service that presents a unique opportunity: it primarily acts as a platform for users to add their utility and telecom bill payments to their Experian credit file. Timely payments can potentially lead to an increase in their credit scores.
They’ve recently broadened their scope to include online rent payments, providing a complete solution to enhance your credit score without any additional charges.
Fee: Free
Reports to all three bureaus: Yes (Directly to Experian, impacts scores from other bureaus via Experian)
Offers Retroactive Reporting: No (Only current and future payments)
Requires Landlord Participation: No
Other features:
☑ Includes utility and telecom payments
☑ Immediate effect on Experian credit scores
☑ Provides access to your credit reports
Piñata
Piñata is an innovative app that combines rent reporting with a robust rewards program, appealing to renters aiming for perks beyond just credit improvement. Users of the app report seeing up to a 60-point increase in their credit score from using the service.
By rewarding users for on-time rent payments with points that can be exchanged for gift cards and a variety of items, Piñata introduces a rewarding twist to the routine rent payment process.
Fee: Free
Reports to all three bureaus: only to TransUnion
Offers Retroactive Reporting: No
Requires Landlord Participation: No
Other features:
☑ Gift cards and savings for paying rent on time
MoCaFi
MoCaFi is a digital banking platform designed to improve users’ financial health. By opening an account with MoCaFi, individuals gain access to a special feature: they can opt into rent reporting through the app.
This means their regular rent payments can be reported, potentially boosting their credit score. It’s an effective way to enhance financial wellness by leveraging rent payments for credit building, all within MoCaFi’s comprehensive financial management app.
Fee: Free
Reports to all three bureaus: No (reports to Equifax and TransUnion)
Offers Retroactive Reporting: No
Requires Landlord Participation: No
Other features:
☑ Mobile banking services included
Self Rent Reporting from Self.inc
Self.inc, widely known for its credit builder loans, offers a rent reporting feature that’s as straightforward as it is effective.
By reporting your rent payments, Self.inc helps you build credit history without needing a traditional credit card or loan. It’s a fantastic option for those already using Self for their credit-building journey, offering a seamless integration into their existing services.
Fee: Part of Self’s subscription service – $0 to $6.95 monthly fee
Reports to all three bureaus: Yes
Offers Retroactive Reporting: Yes (up to 24 months for an additional $49.95)
Requires Landlord Participation: No
Other features:
☑ Integrated with Self Credit Builder Account
Rent Your Way to Better Credit
Building a better credit score with rent payments is easier now than ever before, thanks to a wide range of services available in 2024. Whether you prefer the all-in-one credit-building options like Self.inc and LevelCredit, enjoy free and creative approaches from Experian Boost and Piñata, or lean towards the specific benefits of Credit Rent Boost and Boom Pay, there’s a perfect fit for everyone’s financial path.
As the ways to improve credit scores continue to grow, rent reporting services are leading the charge. Picking the right service means your rent isn’t just a monthly expense—it’s a step towards a brighter financial future. With this guide, making smart choices for your credit score is within reach.