To get a loan, you need a credit history. Until now, the only way to build your credit history was to take on debt with credit cards, bank loans, or car loans. That put people just starting out, particularly students, at a big disadvantage.
Now RentTrack, an innovative service for paying rent online, is collaborating with Experian RentBureau to let consumers build credit history without running up unnecessary debts. RentTrack helps residents pay their rent online while letting them see their current credit score and valuable credit tips. Users can search for their house, apartment, or condo, then set up a secure payment so their rent is paid automatically.
RentTrack’s real power is its ability to report rent payments to major credit bureaus to help consumers build credit history. This could significantly change the financial outlook for renters, who currently make up around one-third of the US population.
RentTrack combines electronic payments with consumer credit services, allowing residents to report rent payments for building credit history. For property managers, RentTrack makes it easy to accept credit cards and e-checks online while integrating with popular accounting software.
Source: RentTrack Press Release