Here’s a little known fact: for most people, their rent doesn’t impact their credit at all. Why? Well, it’s because the companies who keep track of your credit don’t know about your rent payments!
But now, you can change that. LevelCredit makes it easy to get your rent onto your credit report with major credit bureaus.
With LevelCredit, your rent will show up as a new “tradeline,” which is simply another name for an open account on your credit report.
That account can really help your score out, because it adds more positive data on your credit report, which means a higher credit score.
It makes a big different when you’re starting out with no credit, a thin credit record, or a low score.
So, how much can a person expect their low score to increase from rent reporting? Well, on average, someone starting out with a score of 579 or below would see an increase of 45 points after 1 year — and 65 points after 2 years.