Introduction
Esusu Rent Reporting is a service designed to help renters build and improve their credit histories by reporting their on-time rent payments to major credit bureaus. This article aims to educate renters about the benefits of Esusu Rent Reporting in building a positive credit history and improving credit scores. It addresses common questions and concerns regarding the impact of rent reporting on credit.
How credit scoring works
Your credit score assesses your ability to repay debts and is determined by credit bureaus such as Experian, Equifax, and TransUnion. Aside from rental payments, credit scores are calculated using several other factors such as payment history, amounts owed, length of credit history, types of credit used, and new/recent credit.
What to expect when you begin reporting rent with Esusu
Initially, there may be a slight, temporary score decrease due to the new account.
It is important to note that the drop in credit scores is due to the unique characteristics of anyone's profile. Some may experience a decrease in their credit score while others may not.
Improvement in My Credit Score
As Esusu consistently reports your on-time payments, this can improve your credit score over time, resulting in a positive payment history.
The effects of reporting on-time rental payments vary and may not be immediately visible.
It may take up to eight weeks to see initial results, and up to three to six months to realize the full positive impact on credit scores.
What to expect when my Esusu account is closed?
If your Esusu account suddenly closed, there are two possible reasons.
- Your lease has ended and is up for renewal
- Due to delayed payments.
Esusu does not report negative payment data to the credit bureaus. We only report on-time rental payments. If you missed a payment, we will not report that a payment hasn't occurred.
After three months of consecutive non-payment, you will no longer be enrolled in Esusu rent reporting program.
Similar to opening an account, closing an account may or may not affect your credit score and is dependent on your unique credit profile.
Managing Your Participation
If you choose to unenroll from Esusu Rent Reporting, you may reach out to our support team at any time. There is a 6 month waiting period to enroll back into the program.