Adding your rental history to your credit report is often the quickest, easiest, and most affordable way to quickly boost your credit score(s). Homeowners build their credit score by paying their mortgage so it only makes sense that families build their credit score by paying their rent. Unfortunately, most landlords and property managers do not report positive rental history so it is up to the renter to leverage this strategy. Faster than “credit repair” most lenders can help families add this new trade line to their credit profile in just 7 to 10 days. One option is to retroactively post up to 24 months, which often results in a 30 to 50 point (or more) credit score increase in about a week.
According to Chris Rosner, a mortgage broker, “I had a borrower who did not qualify for a loan due to her credit score. She was 40 points off what she needed. Desperate to boost the score, my borrower quickly signed up and within 10 days, her score was up the 40 points needed to put her loan on track to purchase the home! I would have lost the loan otherwise. My realtor partner is thrilled with me, calling me the “miracle worker”. This will be a big lift to my business since many of the borrowers that come my way from referral partners have FICO scores in the low six hundreds. This will allow them to qualify and close on homes where they previously had to wait months to work on credit issues.”
For example, this strategy can work even if the renter splits rent or subleases. With a liberal grace period, it is reported on-time as long as rent is paid within 30 days of the due date. Participants report outstanding results. One client personally used this strategy and reports, “My mortgage lender was shocked! With no other changes to my report, my score jumped 78 points!”
If you would like to add your rental payment history to your credit report or learn more about other strategies to build positive credit in 7-10 days contact Pat or a mortgage professional.