Rental Reporting Affiliate Programs Are Now Available At CreditCardBroker.com

November 18, 2020
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Credit
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CreditCardBroker.com now offers various Rental Reporting affiliate programs.

Do you have clients that are looking to build more credit history? Consider providing a new service to them. Rental Reporting. Rent reporting services will verify past and future rent payments with landlords, and report them to the credit bureaus. Each service varies as far as cost, credit bureaus reported to, and time frames available. Once your clients rent has been reported to the credit bureaus, a new tradeline is created on their credit report.

The process for your client to sign up is pretty simple. They sign up, then the rent reporting company will contact your landlord and verify your rent history, then your rent payments are reported to the credit bureaus, then your credit report will update accordingly. Sign up for our rental reporting programs today!

We also offer other products that you can market to your clients such as secured credit cards, credit monitoring, catalog cards, personal and auto loans, and more!

If you are interested in marketing Rental Reporting programs, become a partner

Here’s a more in-depth idea of how rental reporting may work:

In a nutshell, Rental reporting refers to the process of reporting rental payment history to the credit bureaus. The major credit bureaus are Equifax, Experian, and TransUnion. Keep in mind, not every rental reporting program reports to all three of the bureaus. Some may only report to one or two. Rental Reporting shares data about tenants’ on-time rent payments, late payments, and any outstanding debts related to their rental agreements. This reporting enables the inclusion of rental history in credit reports, similar to how loan and credit card payments are reported.

A property manager or landlord can choose to partner with a rental reporting company OR a tenant can also opt to purchase the service on their own. Once an account is created, the rental reporting service gathers relevant information about the tenant’s rental payment history, such as the amount paid, due dates, and any late payments or outstanding balances. One thing to mention regarding late payments. Many services do not consider a payment late unless its paid more than 30 days past the due date. Each service may have different terms, so be sure to study the terms and conditions for each offer.

Once the rental payment information has been collected, the rental reporting service submits the collected data to the credit bureaus. This payment history will then be included on the tenant’s credit history report.

For the smarty tenants who paid their rent on time, rental reporting provides an opportunity to build a positive credit history, especially for those with limited credit or no credit history at all. By including positive rental payment history in credit reports, rental reporting can help improve credit scores, making it easier for tenants to qualify for loans, credit cards, and better interest rates in the future.

Its not all about trying to build credit, although rental reporting can be one factor in potentially helping you obtain positive credit history, but there is never a guarantee of course. Also, rental reporting provides a service to the landlord as well indirectly. Rental reporting can serve as a verification of a tenant’s rental payment history, allowing prospective landlords to assess their reliability and financial responsibility.

The cost of rental reporting can vary from service to service. Usually, you will incur some form of monthly fee if you want to report your rent payments every month moving forward. If you would like to report past payments, many services offer that option. There is usually a larger flat fee for that part of the service. There may also be sign up fees and other fees, so again, be sure to read all the terms and conditions of each offer before applying.

Who Might Want To Market Rental Reporting:

Rental reporting services cater to a wide range of clients, including property management companies, landlords, and tenants who see the value in leveraging rental payment history to build creditworthiness.

Property management companies can use rental reporting as an additional service to attract tenants, especially those who want to build or improve their credit history.

Landlords: Individual landlords who want to encourage timely rent payments and attract responsible tenants may opt for rental reporting to incentivize on-time payments.

Tenants: Tenants who aim to establish or improve their credit scores and credit history can proactively seek out rental properties that offer rental reporting services.

Other Financial Companies: Companies who may deal with client’s financial life may want to have access to market rental reporting services to their clients to help them grow positive credit history.