It is impossible to predict a specific score impact once your rent payments are reported to the major credit bureaus. This is because every person has a unique credit risk profile, and multiple factors impact a person’s score.
That said, below are some generalizations to keep in mind:
- Initial studies show that approximately 75% of residents see credit score improvements once they start reporting their on-time rental payments to the credit bureaus.
- People who verify 2 years of rental history and already have established credit could potentially see an increase of 25-50 points if they consistently pay rent on time.
- People who do not have a credit score at all could potentially jump up to the mid-600s by adding 2 years of consistent on-time rental payments to their credit file.
To learn more about how Rent Reporting can impact your credit see our blog here.