Add Credit Boosting For Tenants
Increase on-time payments by enabling tenant rent reporting!
When your tenants pay rent through the RentRedi mobile app, they can report all on-time rent payments to TransUnion and Experian to boost their credit score.
Benefits of Adding Credit Boost
7 in 10 renters are more likely to make on-time rent payments if landlords report payments to a credit bureau.
If choosing between two identical apartments, 67% of renters said they would choose the apartment with payment reporting.
Tenants’ credit score may increase by as much as 26 basis points following a year of rent payment reporting.
Enroll in Landlord-Paid Credit Boosting for Tenants
Credit Boosting can be enabled by the unit as desired. Here’s how:
1. From the RentRedi Dashboard click Renters from the left-hand menu and choose Credit Boosting
2. Click Get Started
3. Select the Property and Unit desired
4. (Optional with additional fee) Check the box to cover past rent payments if desired
5. Click Add Credit Boost to enroll
Rent Reporting Pricing
Pricing details for rent reporting service
Monthly
Pay as you go
$5.99/mo
If rent reporting is enabled by the Landlord or Owner account, the fee will be charged to the primary RentRedi account holder with the same payment method used for RentRedi subscription charges.
- Monthly plan – $5.99/month billed each month for each enrolled tenant
- Previous Months (optional) – $5.99 charged for each prior rent payment the tenant has submitted through RentRedi
The plan auto-renews every month until the end of the lease or it is canceled.
FAQ
Which credit bureau are my tenant’s on-time rent payments reported to?
We report your tenant’s on-time rent payments to TransUnion and Experian. TransUnion is the same company that does credit & background screening for new tenants on RentRedi. They use the information to increase your tenant’s FICO credit score. You can learn more about the TransUnion’s ResidentCredit program here.
Why should I offer my tenant the option to report their on-time rent payments to TransUnion and Experian?
Offering your tenants the option to report their on-time rent payments to credit bureaus can be a valuable incentive for them to pay consistently on time. Using RentRedi, your tenants can report their rent payments to TransUnion and Experian. This can play a crucial role in positively impacting their credit scores. Higher credit scores can offer your tenants numerous benefits like lower interest rates for loans, reduced deposits for utilities, and an enhanced reputation as a reliable tenant. Covering this service for your tenant can be a compelling amenity that sets you apart from other landlords.
How soon will my tenant see a boost in their credit score after reporting?
Payments are reported to the credit bureau weekly. Once a rent payment is reported to TransUnion and Experian on behalf of your tenant, it typically takes between 5-30 days to reflect on their credit history.
How can my tenant start reporting their rent?
From the RentRedi Tenant app, your tenant needs to select “Rent”, then “Report Rent” and follow the provided options.
How can my tenant turn off or remove the rent reporting to TransUnion and Experian?
If you want to stop reporting rent payments, contact us at support@rentredi.com.
Can my tenant build their credit history with RentRedi?
Absolutely! When your tenant starts reporting rent to the TransUnion and Experian credit bureaus through RentRedi, all their on-time rent payments can contribute to building their credit score. They can report all payments made through RentRedi as long as they are using the app. Note: Manual payments aren’t reportable from RentRedi.
How does the rent reporting process work?
After your tenant initiates rent reporting, RentRedi shares all on-time rent payments securely with TransUnion and Experian. TransUnion and Experian then use this information to adjust and update your tenant’s FICO credit score.
My tenant already has a high credit score. Do they need this service?
Even if your tenant already has a good credit score, an increase of up to 26 points can potentially move them to a higher credit tier, offering them even more financial benefits. You can check out the credit score tiers here.