Credit bureau Experian just announced in a press release last week that it will now include good rental history on credit reports. Previously they only included bad renting history on credit reports.
Before this announcement, only homeowners could benefit from their timely monthly housing payments, with renters being left out in the cold as far as their payment history is concerned.
This is a great step forward for many renters across the country, trying to build a good credit history. However, there’s a catch. Experian is the only one of the big 3 credit bureaus (the other two being Equifax and TransUnion) that are adopting this. Also, it only applies to Experian’s own VantageScore credit score, not to other credit scores such as the more popular FICO score.
Nevertheless, we think this is a great leap forward for the estimated one third of the country who currently rent. We just hope the other credit bureaus will get on board so all the great tenants out there can be rewarded for their on-time payments!