Will Reporting Rent Payments Help Working Poor?

Credit-Builders-Alliance_Logo-1

A few years ago, I wrote about a new formula for credit scores that includes rent payments. Some like the idea as now renters will a history of 0n-time payments will have their scores increased by continuing to do what they’ve been doing. Some dislike the idea because some renters could be hurt by reporting not-so-on-time payments.

The Credit Builders Alliance (CBA) has done a study to provide more insight.

  • 79% of participants experienced  an increase in their credit scores
  • Average scores  increased by 23 points
  • Participants that were previously “credit invisible” had a credit file created.

To read more about the study click here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s