Rent payment on credit report?
I saw an ad for a company that claims if you make an arrangement with them where they pay your rent directly to your landlord each month (for $7.95 per) through your bank and report it each month to the credit bureaus who will reflect it on your report as a positive outcome and therefore gradually increase your credit score. Is this true? Would that work?
Terry Says
That’s not the best way to increase your credit score — and I wouldn’t trust this scheme! Instead, take out a “secured card” — where you deposit an amount ranging from $500 to $2000 in a bank, and they issue you a regular Visa or MC. Your credit limit is the amount of your deposit, so they are taking no risk issuing a card to someone with a low score. Every month charge just a little bit on this card — and then pay it off ON TIME and in FULL. That will do more to raise your credit score than anything else. Here’s a link to find secured cards.
And check your score at CreditKarma.com for free. Take a look at what’s impacting your score currently. Paying down those balances will also make a big impact on your score.
