Rent Reporting: Check Before Paying
Review the reporting service.
Estimated reading time: 1 minute
The CFPB suggests asking your landlord about rent reporting and checking fees.
Compare two fictional offers
Assume both accept your lease, report promptly, and charge no other fees. Offer A sends current payments to one credit bureau, costs $12 to start plus $5 monthly, and includes no earlier months. Offer B sends current payments to two bureaus, costs $30 to start plus $4 monthly, and includes six earlier months.
Over 12 months, A costs $72 ($12 + 12 × $5); B costs $78 ($30 + 12 × $4). B costs $6 more. More bureaus alone may not match the report your lender uses. Confirm destinations and included months in writing.
Before choosing
Ask whether late payments are reported, what happens after moving or cancellation, and whether additional charges apply. Does the relevant score model use the reported rent data? Review reports for accuracy. Scores vary by report and lender. Neither offer guarantees a score increase or approval.
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