Finally, there is something about the credit bureaus we can cheer about!  Experian has recently rolled out RentBureau® which could help first time home buyers and people who may have no credit history, a skinny credit file, or need some additional positive information to boost their credit scores.

If you are a first time home buyer – this is great news!  In the past, only negative rental payment information – such as collections and evictions were reported to the bureaus.  On-time payment histories were not reported and included in a credit file.

When a renter applies for credit, creditors require a verification of rent.  This may include a phone call to the landlord, copies of cancelled checks, and a written verification signed by the landlord.  While this is just a small task and it does satisfy the requirement, it really doesn’t serve the first time home buyer very well.  Since payment performance is not being reported to the bureaus, those who have a perfect payment historyaren’t benefiting from the possible boost to their credit score.

All that is changing!  Experian will help renters build their credit file by receiving updated rental payment data from their national network of property management companies, putting them in a better position to become a first time home buyer.  Here’s the trick – your property management company must furnish their data to Experian RentBureau®.

For first time home buyers, this could be a home run…and perfect timing as this is a great time to buy a home.  I highly recommend you contact your property management company and request they begin reporting their data.  This will help you when you are ready to transition from renter to first time home buyer.  And hey, you could be the hero of the community as this would benefit your neighbors too!