About a third of American households rent, yet in most cases their credit score doesn’t reflect their on-time payments. That’s beginning to change. Renters can increasingly choose to have their timely monthly payments reported to the credit bureaus, with the goal of improving their credit profile to qualify for loans.
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More tenants can now add rent payments to their credit score
Zillow’s service deems payments on time if they are received within 30 days of the due date, said Amy Wipfler, senior product manager for social impact at the company. Payments made after that aren’t reported. The new service is available to “tens of thousands” of renters, she said.
