Rent is a monthly expense for 68% of the people in the United States, yet many of them neglect the opportunity to use their timely rent payments to improve their credit history. Building credit can take time; even a small slip-up, for example, making a late credit card payment, can have a negative effect. However, most renters pay their rent on time each month and should benefit from such responsible financial behavior.
Renters can’t just report their rent payments directly to the credit bureaus. For your rental payment history to be factored into your credit history, you need to enroll in a rent reporting service that verifies your payments for the credit bureaus. Many rent reporting services are available in 2022 – the best ones are effortless to use and offer easy online access. They also have a range of reporting options, including reporting your past rental history, which can be factored into your credit report.
Here are the pros and cons of 2022’s best rent reporting services
Boom Pay charges a $10 enrollment fee to sign up for their Boom Report. Once enrolled, they will report 24 months of rental payment history for $25.
A one-year subscription to BoomPay costs $24; if you prefer a month-to-month arrangement without a subscription, you'll pay $3 a month. You can cancel at any time without any fees.
Bombay claims their customers have seen credit score increases that range from 5–100 points within ten days of reporting your on-time rent payment performance to the credit bureaus.
- Bombay is one of the most affordable options. You can pay $57 to report the past two years of rent payments and a 1-year subscription for $57, which works out to $3 a month.
- Your landlord does not need to participate in reporting your rent payments.
- Bombay reports to all three major credit bureaus.
When you sign up with BoomPay, you authorize them to access the bank account you use for rent payments. They promise complete data security, and their process eliminates any need to submit monthly bank statements to verify your rent payments.
- Bombay does not offer a discount for additional renters on your lease; your roommate or spouse will need their own account if they wish to report their rent payments.
Credit Rent Boost
Credit Rent Boost is a rent reporting service that boasts the highest average credit boosts at the lowest fee. They offer a discount if you add a second or third renter to your account.
This service offers two years of rental payment history for $60 or the past 12 months for $45. For ongoing reporting, the charge is $90 for 12 months, or$120 for 24 months. Additional renters also receive a discount for past rental payment reporting.
According to Credit Rent Boost, customers who take advantage of their rental history reporting service see an average increase of 20–60 points in their credit score within two weeks of submitting their rental history.
The recurring rent reporting option has an enrollment fee of $25 per renter, and then you can pay $5.95 per month or $45 for the year ($3.75 per month.)
A second renter would pay $7.95 per month or a slight discount at the full payment of $80 per year, and a third renter would pay $9.95 per month or a discount for a total payment of $105 per year.
- Credit Rent Boost delivers the highest average increase to your score for the lowest price.
- You can add a second or third renter for much less than many other services charge.
- They work well with landlords and only require a one-time photo ID verification if they are the owner.
- They do not have any ID requirements for a property management company.
- You gain their discount only if you pay in full for the year.
Rental Kharma is more flexible than the other providers and lets you customize your services in many different ways.
This service charges a one-time setup fee of $50, which includes a report of your past six months of rent payments. Suppose your rental history is longer than six months. In that case, you can pay an additional $60, and they’ll see that the extended payment history is reported with the credit bureaus, even if it’s longer than the 24 months you see with other services.
You can pay $25 to add another renter; if you both sign up at the same time, the charge will be$60 to cover both of you. Ongoing monthly reporting costs $8.95 per month for the first renter and $5 per month for a second one.
Rental Kharma claims an average credit score increase of 29 points after two to three months of ongoing reporting. If you pay for 24 months of past reporting, they claim an average increase of 40 points. They also claim that renters who combine two years of history and a year of ongoing payments report increases over 100 points.
- You can choose to increase the period for past reporting or get six months free.
- You get a discount for signing up multiple renters at the same time.
- They claim a significant point increase after just three months of reporting.
- The all-time past reporting option (reporting your entire rental payment history, not just 24 months) costs $60, higher than other services.
RentReporters has been in business for a decade and earns positive reviews for reliable customer service. They are the only rent reporting service that doesn’t charge extra to report your past rent payment history – they’ll report up to two years of rental history at no additional charge.
This service is more expensive up front, with a $94.95 enrollment fee. You can add an additional renter and receive a $50 discount off their enrollment fee. You can then pay $9.95 per month or choose an annual plan for another $95.40 upfront, which comes to $7.95 monthly.
RentReporters claims customers have seen an average credit score increase of 40 points.
- RentReporters is a well-established company with a strong reputation for quality services.
- They offer a free RentCheck service, which lets them verify your online rent payment by monitoring your bank account and eliminates the need to contact your landlord.
- They offer a full refund if you decide you’re not satisfied within 48 hours.
- They report to TransUnion and Equifax and plan to add Experian soon.
- The enrollment fee is $94.95, higher than other services, although you receive free rental history reporting.
LevelCredit is the only rent reporting service that allows you to report utility and cell phone payments along with your rent payments.
This service offers to report up to 24 months of rental, utility, and cell phone payments to the credit bureaus for $49.95. The effort renters make to pay these additional sizable bills on time and on top of their rent payment has weight with the credit bureaus.
LevelCredit has no upfront charges, and their monthly fee is only $6.95. They claim that customers have seen an average increase of 20 points within two months and 50 points in two years.
- LevelCredit reports your rental, utility, and phone payments to the credit bureaus.
- They have a user-friendly website.
- Your landlord does not need to be involved since they verify payments by connecting to your bank account.
- There is no discount for additional renters. Each renter will pay the $49.95 enrollment fee as well.
Esusu Rent offers rent reporting and rent relief for customers experiencing financial difficulties.
For $50, this service will report up to 24 months of your past rental payments. They charge an additional $50 to share your ongoing rental payments for the year. There is no monthly payment option, but the cost works out to $4.16 per month.
Esusu claims customers gained an average credit score increase of 51 points. They also say that customers with no credit score or history have established prime credit scores (670 or higher) by reporting rent through their service.
- Emus offers 24 months of rental history and ongoing reporting at a low cost compared to their competitors.
- There is no enrollment fee for ongoing reporting.
- They offer a rent relief service if you struggle to keep up with your rent payments. It’s a loan you’ll have to pay back, but there are no fees or interest on the balance, and you’ll avoid adverse reports to your credit history.
- They do not offer a discount for multiple renters.
Consider your tenant record and rent history when choosing a rent reporting service. While rent reporting on its own won’t be enough to build a complete credit profile, it does help. Lenders are more willing to offer loans and credit cards to people with better credit.