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Vent: I spent 2 years paying rent on time without realizing it helped nothing on my credit report
I was always told paying rent on time builds credit. Two years into a lease in Austin, I check my score and it's still 580. My landlord never reported my payments to any bureau. On the flip side, my buddy lost his job for 4 months, got late fees racked up, and those got reported as collections. So late payments hurt you but on-time payments do nothing for you? How is that fair? Has anyone else found a way to get their positive rent history reported without paying for a third party service?
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richard_young8016d ago
580 seems about right for most people your age man. The system is rigged so only the people who own buildings get to play the credit game. I had to pay $10 a month to one of those services just to get my rent reported and even then it only bumped me up like 30 points. The worst part is you can fight a late payment off your report but you cant force them to add good ones. Landlords got all the power in this setup and they know it.
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jordan_henderson1317d ago
Used to think paying rent on time was an easy way to build credit, but yeah, this totally changed my mind. It's pretty messed up how the system only punishes you for being late but never rewards you for being on time.
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