Tuesday, October 3, 2023

RentSpree Rent Reporting Aimed At Boosting Credit Scores

Los Angeles-based RentSpree says it is launching a new, rent reporting feature, which it says will help renters boost their credit scores--and maybe help them on the path to home ownership. The provider of rental management software said it has added a "Credit Builder" feature which can automatically report online rent payments to TransUnion. The company claims the reporting of on-time rent payments can help consumers with future loan approvals, for things like purchasing a vehicle or home. The company says, traditionally, rent payments have not appeared on credit reports. On the other hand, the feature may not be great for renters who are consistently late with their rent payments, which may now impact their credit score.