Are you looking at a low credit score and wondering how you can improve it? Perhaps you are being denied credit because your credit history is limited. Either way, you probably would want to do what you can to boost your credit rating and score as much as possible.
This has probably got you thinking whether or not you can weave in your rental history to your credit score. So, if you are asking the question “Can I add rental history to my credit report?” the answer is yes.
Well, actually, you would not be the person adding it to your credit score. When you ask “Can I add rental history to my credit report?” it would actually be the landlord that adds the rental payment history to the credit score.
That means you would have to ask them to do this for you. Don’t worry. It is not a difficult process at all. Your landlord could probably do it in a few minutes.
When you wonder if you can add rental history to your credit report, you are probably wondering why the landlord did not do it in the first place. Generally, landlords will not report anything to a credit agency unless you have a lease or other agreement and default on it.
This is for two reasons, 1) it costs them money to report and 2) they often work with a skeleton staff therefore have not the time to make regular reports.
When you are simply making your ‘standard’ payments of your rent, there is generally no reporting made to the credit agency. This can prove to be a negative of sorts to those that do pay their rent on time. Their record of honest and timely payments is omitted which is certainly not helpful to a credit report.
Again, this is not a problem. If you are wondering “Can I add rental history to my credit report,” all you need to do is ask your landlord to furnish a letter detailing the timely payments to the credit bureau. A simple, basic letter that conveys this info is all that is needed.
The letter should also include a payment history as well. Perhaps you could even type the info up and have the landlord sign it and then send it out in the mail. Yes, it is pretty much a simple process and it certainly can be helpful.
You should always send copies to the bureaus not originals.
Side note: Bureaus are not required to add information you send to them and if they oblige, you may be charged a fee. No free lunch.
If you have been paying your rent on time for five years, it would definitely not hurt to have such info made available. Anything that reflects a positive payment history is one that should be reflected on a credit score.
And when it comes to rental, this does mean anything you rent. It need not just be a house or apartment. Do you rent storage or garage space? If you do and you have been making timely payments, it would not hurt to have the info reported on a credit score. Again, when the info helps, why not have it added to the mix?