Landlords can now opt-in to report all a tenant’s on-time rent payments to TransUnion! This helps to lift a tenant’s overall credit score and is a great perk to offer your tenants.
Benefits of Landlords Reporting Rent for Tenants
Rent reporting for landlords is a great service for both them and their tenants. Primarily, landlords can incentivize tenants to pay their rent on time and have a great perk to offer potential tenants when trying to fill a vacancy.
Additionally, tenants benefit from rent reporting by seeing a boost in their credit when they pay on time!
- 7 in 10 renters are more likely to make on-time payments if landlords report those payments to a credit bureau (TransUnion).
- If choosing between two identical apartments, 67% of renters said they would choose the apartment with payment reporting (TransUnion).
- Tenants’ credit scores may increase by as much as 26 basis points following a year of rent payment reporting (TransUnion).
How Landlords Can Report Rent for Tenants
Credit boosting for tenants can be added by following the steps below for RentRedi‘s property management software.
- From the RentRedi Dashboard click Renters from the left-hand menu and choose Credit Boosting
- Click Get Started
- Select the Property and Unit desired
- (Optional with additional fee) Check the box to cover past rent payments if desired
- Click Add Credit Boost to enroll
Cost for Landlords to Report Rent Payments
- Monthly plan – $5.99/month billed each month for each enrolled unit
- Previous Months – $5.99 charged for each prior rent payment the tenant has submitted through RentRedi
How Tenants Can Add Credit Boost
Tenants can enroll independently and pay for rent reporting in their RentRedi app as well. Here’s how.