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sojourner77

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Getting Credit Reporting on House Rental Payments.
Saw an advertisement for a company that for a nominal fee will verify on time home rental payments and post to the credit reporting agencies. I don't know what the starting fee is, but it's $10 a month, and they will report up to 24 months. Is there any real merit to this? Is it a legitimate and good investment? We are trying to build credit, and pay more in rent than what a house payment would be....we'd like to buy...but our credit isn't that great, but we are working hard to improve it. Didn't know if this was something to do, or if it is legit credit building avenue.

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I'm not sure if it helps to report your rent, but there is a website called eRentpayment which will report your payments to a credit agency if you elect for them to do so.  Through this website, you can pay your rent automatically to your landlord and it costs only $3/month.  I wouldn't pay $10 a month for this service, but I'd consider $3/month.  You would have to get your landlord to agree to sign up for the service. As a landlord, I welcome online payments, but I woudln't bear the cost of it.  

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I have heard of a firm of this nature and have seen a posting or two on here that used it and reported increase based on the positive payments.   Ensure you are using a reputable firm and they offer money back guarantee if it doesn't help your credit or if the landlord does not participate.   It won't help your utilization and if they stop reporting, I don't know the effect on your score.   if you don't have one, you'd be better suited to get a secured credit card and do it the old fashioned way.  You could see a double or triple digit increase using this alone depending on your starting credit.  

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