Rent Reporting

1. Rent Reporting: Everything You Need to Know Rent reporting is a powerful tool that helps renters build credit by including their on-time rent payments in their credit history. If you're a landlord, property manager, or renter, understanding how rent reporting works can benefit both tenants and housing providers. Below, we answer the most common questions about rent reporting and how it impacts credit scores. What Is Rent Reporting? Rent reporting is the process of sending a tenant’s monthly rent payment history to one or more major credit bureaus (Experian, Equifax, and TransUnion). When reported, these payments appear as a tradeline on a credit report, helping renters establish or improve their credit scores. Can Rent Reporting Help Improve Credit Scores? Yes! Many renters don’t realize that their monthly rent payments—one of their biggest expenses, aren’t automatically included in their credit history. By reporting rent, tenants can build credit over time. In fact, a study by the Consumer Bureau of America (CBA) found that participants in a rent reporting program saw an average credit score increase of 23 points. How Does Rent Reporting Appear on a Credit Report? Rent payments are reported as an open tradeline, not as an installment or revolving account. This means: There’s a fixed monthly payment. It doesn’t factor into credit utilization like a credit card would. It functions similarly to a recurring bill (like a utility payment) but with a stronger impact on credit history. Which Credit Bureaus Accept Rental Payment Data? All three major credit bureaus: Experian, Equifax, and TransUnion, accept rental payment data. However, not all credit scoring models include rent payments in their calculations. Do All Credit Scores Factor in Rent Payments? Newer credit scoring models, such as VantageScore 3.0, 4.0, and FICO 9, are optimized to include rental data. Older models (like FICO 8 or earlier) may not factor rent payments into the score, even if they appear on the credit report. Who Should Enroll in Rent Reporting?

2. Rent reporting is ideal for: Renters with thin or no credit history (e.g., young adults, immigrants, or those rebuilding credit). Tenants who consistently pay rent on time. Anyone looking for a low-risk way to build credit. The only requirement is that the rent payment must be at least $10 per month. How Long Does It Take for Rent Payments to Show on a Credit Report? After enrollment, it typically takes 45–60 days for rent payments to appear on a credit report. For example, an October payment should reflect by December. Do Tenants Need to Opt In for Rent Reporting? Yes, written consent is required for rent reporting, especially if: The property receives federal subsidies. The tenant uses HUD vouchers or other rental assistance programs. Landlords should provide a consent form (like the sample in the CBA Rent Reporting Toolkit) before reporting payments. Can Tenants Opt Out of Rent Reporting? Yes, tenants can opt out at any time. If they decide to stop rent reporting, they should notify their landlord or property manager. Are There Risks to Rent Reporting? While rent reporting is generally beneficial, there are a few potential downsides: Temporary dip in credit score: Adding a new tradeline may slightly reduce the "average age of credit," a minor factor in credit scoring. Late payments hurt credit: If a tenant pays rent 30+ days late, it will be reported and could lower their score. Limited impact for those with strong credit: Rent reporting helps most those with thin or no credit files—those with established credit may see less benefit. What Happens If a Tenant Pays Rent Late? Most rent reporting services (like AxcessRent) report both on-time and late payments. If rent is 30+ days late, it will appear on the credit report and could negatively affect the tenant’s score. To avoid this, landlords should: Encourage tenants to communicate payment issues early. Offer flexible payment plans if needed.

3. Does Rent Reporting Apply to Everyone on the Lease? No, each tenant must opt in individually. If two roommates are on the lease, one can choose rent reporting while the other does not. What Types of Leases Qualify for Rent Reporting? Most lease types qualify, including month-to-month agreements, subleases, and long- term leases, as long as payments can be verified. The key factor is consistent, documented payment from the tenant to the landlord. How Is Privacy Protected in Rent Reporting? Tenant information is protected under the Fair Credit Reporting Act (FCRA). Rent reporting companies must follow strict data protection protocols, and tenant consent is required before any data is shared with credit bureaus. Does Rent Reporting Affect Rental Applications or Background Checks? Yes, rent reporting can benefit future rental applications. A positive rent payment history can serve as proof of reliability for landlords or property managers during tenant screening, increasing your chances of approval. How Can Landlords Start Offering Rent Reporting to Tenants? Landlords can partner with rent reporting platforms such as AxcessRent. These services handle data reporting, tenant enrollment, and compliance. Offering rent reporting is also a competitive advantage that can attract credit-conscious renters. How Much Does Rent Reporting Cost with AxcessRent? AxcessRent offers two affordable rent reporting plans: Free Plan ($0/month): Includes simplified rent reporting, rent reminders, payment records, and access to financial education tools, no credit card required. Plus Plan ($1.95/month): Offers advanced features like previous rent reporting, financial coaching, rent relief loan access, and a path to homeownership, all for less than the cost of a cup of coffee. Is the Free Rent Reporting Plan Really Free? Yes, AxcessRent’s Free Plan is completely free and doesn’t require a credit card. It allows renters to report current rent payments to credit bureaus and access essential rent management tools without hidden charges. Is Rent Reporting with AxcessRent Cheaper Than Other Services? Yes. While most rent reporting services charge $3–$10/month (or $50–$100/year), AxcessRent’s Plus Plan is only $1.95/month, making it one of the most affordable rent

4. reporting solutions in the U.S.—with more benefits packed in. Interested in Rent Reporting? Let’s Chat! Let’s talk about how AxcessRent can help you build credit, improve housing outcomes, and strengthen tenant relationships. Contact us at: support@axcessrent.com AxcessRent is a mission-driven financial empowerment platform dedicated to helping renters across the U.S. build strong credit and take control of their financial future, without taking on debt. Through our trusted Rent Reporting Service, tenant screening tools, and financial education resources, we make it easy for renters to boost their credit by simply paying rent on time. Our affordable membership plans are designed to meet the needs of both individual renters and housing providers. We also partner with landlords, property managers, and housing organizations to bring credit-building tools to low- and moderate-income communities, providing an added incentive for on-time rent payments and a pathway toward long-term financial stability.