Do or Don’t report to credit bureau

[Tamika Lawrence]

Hello,

Do any of you report rent payments to the credit bureaus? If so, which company did you use or do you have any recommendations.

[Daryl Luc]

I think it's both a waste of time and your money.  It only benefits tenants in a very small and select way...per the three credit agencies, less than one percent of reports ordered have any rent information. 

When I want to know how someone is in making their rent payment, I look at court filings and talk to previous landlords..not just the current one.  I'm not sure who accepts rent payment history except the Vantage program from TransUnion.   A mortgage broker told me that they don't use any of the Vantage info in their underwriting. Per her, the most commonly used version of FICO in the mortgage world doesn't report rent history.  Your car dealer could care less.  If you find who uses those payment records for anything, let us know.  
Now, with that said, if it's your tenant that want's you to report, then let them pay for it. Here's a fairly good read on the process and costs.....     https://www.nerdwallet.com/blo...