Wednesday, July 2, 2014

Credit Scores May Soon Reflect Rental Payment

Credit Scores May Soon Reflect Rental Payment
Renters who have never been late with a rent payment will find that their stellar record wont do anything to lift their credit scores when it comes time to shop for a mortgage. But that may soon change: Two of the main credit reporting agencies, Experian and TransUnion, reportedly are starting to incorporate verified rental payment data into credit files and using it to compute the consumers' credit scores when they apply for a mortgage. Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. See Why? Landlord, phone and cable companies, and many other creditors don’t report your payments.

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