Credit Score in 32082>Question Details

Nymets010, Home Buyer in 32082

Are there any USDA home loan lenders that will use rent history to help credit score? I have low scores but a long, perfect rent history.

Asked by Nymets010, 32082 Sun Jun 26, 2011

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2
There are actually 2 other companies that offer this service.

1) William Paid in Chicago, with them you pay them your rent each month, then send payment to the landlord. They are really good if you have roommates, as you can split payments and both renters can report. Service is $5 a month.
http://www.williampaid.com

2) Rental Kharma in Denver does a bank level reporting of data for a $10 one time fee. With rental Kharma you can report up to 2 years of past payment information.
http://www.rentalkharma.com

3) Rent reporters does a landlord verification of payments each month. I think they charge $10 a month.
http://rentreporters.com/

I'm sure there will be more options in the coming years as reporting rent gains popularity.
0 votes Thank Flag Link Mon Oct 29, 2012
The only items that affect your credit score are items listed on your credit report and rent typically is not reported to your credit report. However many people have had success with http://rentreporters.com/ reporting the rent to the credit bureaus, and that is one way your rental history can help out your score.

With USDA financing people with scores less than a 640 who are manually underwritten are *required* to have rental history, and generally scores less than 620-640 are manually underwritten, so having a rental history wouldn't help "offset" low scores with USDA financing.
0 votes Thank Flag Link Sun Jun 26, 2011
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