53% of renters want better credit to purchase a house. With a Credit Boost from TransUnion, renters are one step closer to achieving the goal of homeownership.
You can improve your credit score up to 26 points over 12 months when you report your monthly, on-time rent payments to the TransUnion credit bureau.
Choose if you would like to create Monthly, Entire Lease, or 3-Month Rent Report.
We report your on-time rent payments to TransUnion. TransUnion is the same company that does credit & background screening for new tenants on RentRedi. They use the information to increase your FICO credit score. You can learn more about TransUnion’s ResidentCredit program here.
Typically, credit bureaus use credit cards and loan payments (such as student or home loans) to assess credit scores.
However, with RentRedi, you can now report your on-time rent payments to credit bureaus as well!
With rent being a large monthly payment, you can increase your credit score with rent payments you are already making!
Additionally, a high credit score can mean access to lower interest rates for car, home & other loans, waived or reduced deposits to open utility or cell phone accounts, increased credit limits, and overall positions you as a more attractive tenant.
After you’ve started reporting rent, RentRedi will share all on-time rent payments through our secure connection with TransUnion. TransUnion uses the information to adjust & update your FICO credit score.
60% of renters may see improvements after 1 month!
From the RentRedi Tenant app, select “Rent”, then “Report Rent” and then follow the options provided to you.
For current tenants, there are 3 options. Regardless of the option you select, TransUnion recommends reporting 12 months of payments to make the most impact on your FICO credit score.
1) Entire Lease: You can report on-time payments for your entire lease at once. This includes all future payments & the option to add all past payments made through RentRedi for the price of $3.99/mos.
The cost for reporting an entire lease at once can be up to a one-time payment of up to $47.88 (for reporting 12 months) to increase your credit score by up to 26 points.
2) 3-Months: You can choose to report your on-time payments every 3-months, costing $4.99/mos. The cost for reporting 3 months of rent payments costs $14.97.3) Monthly: The most flexible option is that you can choose to report your on-time payments every month. This pay-as-you-go option costs a recurring $5.99/mos.
If you want to stop reporting rent payments to TransUnion, contact us at [email protected].
Yes! When you start reporting rent to the TransUnion credit bureau, you choose to use all on-time rent payments you’ve made through RentRedi to help build your credit score.
You will be able to report all your rent payments made through RentRedi as long as you are a tenant using RentRedi.